Hi all,
Just wondering what everyone’s opinions are on completing your own tax return as a property investor, becoming your own accountant essentially.
Does anyone already use etax to complete their property investing tax return? How hard is it and after how many properties would it become too cumbersome to use?
I know there can be many deductions missed if you do not seek out and employ a professional property accountant but just wanted to see whether it would be worth me having a go at doing it myself.
Regards
Fudge111You’ve answered your own question in your last paragraph.
How many deductions are you willing to miss out on to save a few hundred dollars? It isn’t difficult to fill out the form but do you want to claim all you’re entitled to. I know I do.
The thing is “you don’t know what you don’t know”.
A good accountant is worth their weight in gold.
Do you know (or think you know) all the current laws and applicable deductions allowed on properties? What about next year, when things change? are you able to access the laws as they change.
I know I’ve got better things to do (like buying more properties). I can make more money doing that than sitting and trying to figure out if I’ve forgotten anything.
I thought I had a good accountant a few years ago then found out I missed thousands of dollars in deductions. Lucky the one I changed to could backdate the deductions.
So that’s my opinion (which you asked for) take it or leave it.
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