Story From a CPA: The Time an Investor Paid a $96k Tax Bill He Shouldn't Have

Great article about why it's important to find a CPA or tax preparer who specializes in rentals, real estate, etc. You often hear people touting "but my CPA said this" - but CPAs don't know every single line of tax code. Does your tax advisor give you a spreadsheet to keep track of depreciation for the different purchases for your rental? Does he/she help you plan for the future and ask about any changes in life circumstances? Does that person explain about the cost basis of your home, and what is considered a repair versus improvement? Share your experiences.