I had a new client come to me this year who had a husband and wife partnership business for many years. Their personally owned real estate was depreciated within the partnership on the form 1065 , including their principal residence. They didn't like the tax scenario I painted for them and they took their papers and went elsewhere (leaving an unpaid bill for my time).
So what would you do if an asset had been mislisted for 17 years as partnership property, when in fact it was personal?
This isn't my problem anymore but I'm curious what the best approach would be? It's not like we can amend 17 years of returns.
So what would you do if an asset had been mislisted for 17 years as partnership property, when in fact it was personal?
This isn't my problem anymore but I'm curious what the best approach would be? It's not like we can amend 17 years of returns.
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