The accountant also needs to be familiar with real estate law and have a good understanding of all rules and regulations. What does an accountant do?
- Files all property tax forms with the state and federal government.
- Helps you properly set up your business in the beginning.
- Ensures you're allocating your expenses correctly.
- Correctly handles the depreciation schedule.
- Assists with the disbursement if you have partners or investors involved.
- Writes off repairs and depreciates the major improvements.
- Knows your long-term plans for each investment property.
Like anyone else you hire, request clients' names and telephone numbers so that you can call for references. One of the most important things is that you feel comfortable with his or her approach, background, and ability to take care of the accounting of and taxes for your rental properties.
