Real Estate CPA Near You
Gould, Blake & Company CPAs prepares taxes for real estate investors and agents near you in Phillipsburg, NJ and Easton, PA. We help you keep more of your rental income and plan sales before they happen.
2,000+ Clients Served
Businesses and individuals alike trust us with their tax and accounting needs.
30+ Years of Experience
More than three decades of comprehensive tax and accounting solutions for individuals and businesses.
PA & NJ Focused
We serve clients throughout Pennsylvania and New Jersey, in person and remotely.
Real estate accountant for rental property owners
We prepare the returns for your rental properties and look for the deductions investors often miss:
- Depreciation on the building and improvements, over 27.5 years for residential rentals and 39 years for commercial property
- Repairs you can deduct right away, kept separate from improvements you depreciate
- Mileage and travel for managing your properties
- Loan interest, insurance, property taxes and management fees
Rental losses and the passive loss rules
Rental losses are passive, so they usually can't offset your wages. If you actively manage your rentals, you can deduct up to $25,000 of losses a year, phased out as your income rises from $100,000 to $150,000. Real estate professionals who spend more than 750 hours a year, and more than half their working time, in real estate can deduct more.
New Jersey and Pennsylvania are stricter. Neither lets a loss in one type of income reduce another type, so a rental loss won't lower your state tax on wages.
1031 exchanges and selling a property
A 1031 exchange lets you defer the gain when you sell one investment property and buy another. You have 45 days to identify the replacement and 180 days to close, and a qualified intermediary has to hold the money.
If you sell without an exchange, part of the gain is taxed as depreciation recapture. Real estate investors who are selling a property or planning a 1031 exchange should talk to us before the sale.
Frequently Asked Questions
An LLC can limit your liability, but a single-member LLC doesn't change your federal income tax: the rental still goes on your personal return. Your attorney can advise on liability, and we handle the tax side, including the state filings an LLC adds.
Yes. On larger properties, a cost segregation study moves parts of the building into shorter depreciation lives. We help you decide if a study is worth the cost and put the results on your return.
Have more questions? Contact us
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Office Location
600 Avenue A, Phillipsburg, NJ 08865
Phone
908-859-6530Office Hours
Monday–Friday, 8:30 AM – 4:30 PM
After-hours appointments available