You could be losing thousands of dollars in accounting errors and not even know it.
“What frustrates me the most is that in many of these cases I could have helped, if only the client had come to me before getting into the deal,” says Diane Kennedy of Diane Kennedy and Associates and the author of Loopholes of the Rich and Real Estate Loopholes.
As a leading CPA she grieves over the way some of her clients keep poor records. And no, not even the very best CPAs can bail you and your shoebox of receipts out.
What are the two biggest errors real estate investors make according to Kennedy?
Not recording the “Buy” and “Sell” correctly.
Sure, investing in real estate is exciting. You’re making money. It’s fun too.
But we all still have to play by the IRS’s rulebook.
It’s far better to get it all right in the beginning instead of desperately trying to catch up blunders right before the tax crunch deadline.