Real Estate

CPA for Real Estate

The real estate market is never secure, but you can have peace-of-mind knowing our CPAs are here to answer all of your tax and accounting questions. We work with you to build your business on a strong foundation for your future. Wallace Neumann & Verville, LLP has a staff of experienced accountants available for real estate CPA consulting.

Real Estate CPA Consulting

Real estate audits

A big IRS audit issue lately is whether an individual is a real estate professional or a passive real estate investor. The tax consequences for these two types of investors are wildly different. In a recent tax court ruling, a taxpayer had tried to defend himself by using “TurboTax” as a defense as to why he believed he was a Real Estate Professional. The taxpayer loss in court and owed over $11,500.00 in back taxes and penalties. At Wallace Neumann & Verville, LLP, we are well-versed in the IRS’s tax code, and we understand the standards in determining the right real estate classification for our clients.

In addition to the services listed above we are also knowledgeable on other real estate issues such as:

  • Debt restructuring
  • Tax consequences associated with short selling properties
  • Rules surrounding the conversion of your primary residence to an investment home
  • Tax deferral potential of setting up your real estate as a retirement vehicle
  • Strategic planning regarding real estate.

1031 Exchange Planning

A 1031 exchange is a tool for real property owners who can defer taxes with the sale of a property. Over the years, the IRS has made it hard to avoid capital gains tax on the sale of investments properties. Selling a property while preserving net worth happen in a 1031 Exchange. Our firm understands the guidelines surrounding 1031 exchanges, and we have assisted with the accounting for a large number of our clients.

Property Management

With the housing climb over the last few years, the need for proper accounting for multi-unit properties has risen. Having a CPA with a strong accounting background that specializes in property management has become essential. Whether it’s a homeowner’s association, real estate trust, or complicated multiple-real estate transaction, WNV is a firm meeting your needs.

Entity Selection

There are many different vehicles for real estate and understanding the right one for you is essential. You may be curious about owning an interest in a Real Estate LLC with multiple properties or setting up an LLC for real estate you already own. Additionally, the State of Nevada has just created a new real estate investment LLC vehicle called a Nevada Series LLC. The Nevada Series LLC is a real estate investor’s new best friend. We understand Series LLCs, how to account for them, and how they are beneficial for real estate investors.

Debt Restructuring & Short Sales

Many people don’t understand the tax consequences associated with short selling or allowing the bank to foreclose their home. Many individuals short sell their homes or restructure their mortgage debt with the bank without realizing the possibility that they may have incurred “Phantom Tax” (Cancelation of Debt Income.)

Get the CPA Consulting Your Real Estate Business Needs

We have only the best CPAs on our staff so we can go above and beyond for your tax and accounting. Contact us today to see how we can work for you!


8930 Spanish Ridge Ave. Las Vegas, NV 89148

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Hire the Best CPA in Las Vegas, NV

Not all businesses are the same, and we have abundant experience working with
various types of companies for accounting and tax services.
Contact us today for a CPA in Las Vegas!

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