A Real Estate Tax Accountant specializing in reviewing tax returns and preparing Schedule K-1s is responsible for managing entity-level tax compliance, passive activity limitations, and property depreciation for real estate portfolios.

Key Responsibilities

K-1 Preparation: Prepare Form 1065 or Form 1120-S partnership/S-corporation tax returns and accurately allocate income, deductions, and credits to generate Schedule K-1s for investors.
Return Review: Review complex real estate tax returns, including Form 8825 (Rental Real Estate Income) and Form 4797 (Sale of Business Property).
Depreciation Management: Oversee depreciation schedules, asset additions, and cost segregation study results in accordance with MACRS rules.
Tax Compliance: Apply passive activity loss (PAL) rules, real estate professional status (REPS) tests, and at-risk limitations.

Requirements

Experience: 3+ years of experience in public accounting, with a focus on partnership taxation and real estate entities.
Software: Proficiency in professional tax preparation software and Microsoft Office.
Credentials: Certified Public Accountant (CPA) license or Enrolled Agent (EA) status preferred.

Compétences requises

Schedule K-1 preparation (allocating income, deductions, and credits)Partnership and S-corporation tax return preparation (Form 1065, Form 1120-S)Review of rental real estate tax returns (Form 8825)Review of property disposition tax returns (Form 4797)Depreciation accounting and schedule management under MACRSIntegrating cost segregation study results into tax recordsApplication of passive activity loss (PAL) rulesTesting and applying Real Estate Professional Status (REPS) rulesApplying at-risk limitation rulesEntity-level tax compliance for real estate entities and partnershipsProfessional tax preparation software proficiencyMicrosoft Office proficiency (Excel, Word, Outlook)Public accounting experience with focus on partnership taxationCPA or Enrolled Agent (EA) credential or knowledge of licensure requirements

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