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    #1

    Thought You Might Like This One

    Found this note in the papers of a tax return I am working on.
    "In 2001 bought a rent house for $___________.
    In 2006 sold it for $___________..
    We have enough receipts for improvements & remodelling to offset the profit."
    I gestimated what their tax liability would be and faxed them a letter telling them to
    pay it by Monday and then get me some figures on the "improvements and remodelling".
    Tags: None
    #2
    They're going to love the news

    I'm betting you can't wait to explain the rules surrounding depreciation recapture and that little nuisance matter of depreciation "allowed or allowable".
    "The only function of economic forecasting is to make astrology look respectful" - John Kenneth Galbraith

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      #3
      I hope this was a NEW client.............................
      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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        #4
        And lets see, all the possible income and/or losses from 2001-2003, closed years for now.....I charge for 3115s by the hour.

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        This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.

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