Real Estate Tax Questions with CPA Tony DeYoung – Real Talk with Reside Real Estate Episode 11
In this episode, Broker/Owner Brady Bridges is joined by Tony DeYoung, a CPA and partner with Desroches Partners, to explain tax implications for property owners, the importance of being proactive, and what he loves about Dallas and Fort Worth.
Tony was born and raised in Louisiana before making his way to Fort Worth following college graduation. He started as a generalist in public accounting, learning about as many industries as he could, before focusing primarily on real estate and private equity clients.
Tony said the personal residence side is pretty straightforward. The two main tax benefits for homebuyers are deductions for mortgage interest and property tax. There is also an exemption for gains from the sale of your personal home – meaning that if you meet the qualifications, some or all of the profits from the sale of your home may be tax-free.
Tax implications can be more complicated for investors. Tony suggested talking to a CPA before purchasing an investment property, saying “it’s very easy for the CPA to plan on the front end and help the taxpayer be in the right position for the transaction; it’s much more difficult to be reactive and have to go back and try to fix things.”
Tony and Brady agreed that every investor should have a CPA on their team as an additional advisor, not just once-a-year check in during tax season – especially if they’re trying to grow and scale. A good CPA will continually educate themselves regarding new laws and regulations but also better ways to help their clients. Tony offered cost segretation studies as one example that even experienced investors may not be familiar with, but can have huge impacts on your tax return.
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