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    #16
    These are all question that I need to ask client. Right now I know it (motel) has been closed for 5 or 6 years and maybe more. I asked for all bank statements up until the account got closed from the client. Maybe he can get them and maybe not...???
    This post is for discussion purposes only and should be verified with other sources before actual use.

    Many times I post additional info on the post, Click on "message board" for updated content.

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      #17
      "Closed for 5-6 years?" Can't wait to hear your description of his reaction when you explain "allowed or allowable" depreciation to him...
      "The only function of economic forecasting is to make astrology look respectful" - John Kenneth Galbraith

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        #18
        This property was purchased in 1973 (just looked at last return filed). It would of been fully depreciated anyway or very close. Original cost basis was $140,000. $4,400 depreciation per year.

        By the way, he hasn't filed his personal either for all this time....................
        This post is for discussion purposes only and should be verified with other sources before actual use.

        Many times I post additional info on the post, Click on "message board" for updated content.

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          #19
          Oh, OK, so it looks like you have a nice summer project...
          "The only function of economic forecasting is to make astrology look respectful" - John Kenneth Galbraith

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            #20
            Summer is for boating and relaxing, not work.
            This post is for discussion purposes only and should be verified with other sources before actual use.

            Many times I post additional info on the post, Click on "message board" for updated content.

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              #21
              Originally posted by erchess View Post
              Drake will sell a subscriber old versions going back as far as the company does and these versions run in XP and newer versions of windows. I think the cost is $25 per year. I would think they would sell to a non subscriber at the same price. You could also subscribe to the current year and have the right to download the older stuff going back quite far (but not all the way) at no charge.
              I contacted Drake and for $309.58 I bought PPR for 2011. This allows me to get 1995 thru 2001 by disc in the mail and the ability to download 2002 thru 2010 from their website. It covers all tax returns and accounting program, in otherwords, all available programs they offer, What a bargain.

              If I like their programs I'll consider converting in 2012, after tax season. I will save $10,000 if it will do what I need. It probably won't, but I will see.
              This post is for discussion purposes only and should be verified with other sources before actual use.

              Many times I post additional info on the post, Click on "message board" for updated content.

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