This is for all the veterans...
We have just closed on our first second-home and preparing it for the rental market in 2006. We currently itemize our taxes. I have a general idea of the second-home vs. rental home tax ramifications (i.e., what's generally deductible and what's not; the "maintenance days"). However, I am at a loss as to how to calculate the sales tax on each rental, and could use some guidance on what is involved in the quarterly tax filings. Also, as we will have no rentals in 2005, but many many expenses, when do we claim the losses? We currently prepare our own taxes, but I'm wondering if this year (or next year) will be the time to actually hire someone to do this. We are not accountants, so this isn't our bag.
Any recommendations for an accountant in the north Florida/panhandle area? Thanks.
We have just closed on our first second-home and preparing it for the rental market in 2006. We currently itemize our taxes. I have a general idea of the second-home vs. rental home tax ramifications (i.e., what's generally deductible and what's not; the "maintenance days"). However, I am at a loss as to how to calculate the sales tax on each rental, and could use some guidance on what is involved in the quarterly tax filings. Also, as we will have no rentals in 2005, but many many expenses, when do we claim the losses? We currently prepare our own taxes, but I'm wondering if this year (or next year) will be the time to actually hire someone to do this. We are not accountants, so this isn't our bag.
Any recommendations for an accountant in the north Florida/panhandle area? Thanks.