Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Tax, SDIRAs & Cost Segregation
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 7 years ago,

User Stats

41
Posts
13
Votes
Bob Smith
  • Real Estate Investor
  • Des Moines, IA
13
Votes |
41
Posts

Complicated taxes - CPA making mistakes

Bob Smith
  • Real Estate Investor
  • Des Moines, IA
Posted

Curious what is acceptable.  Like many of you I have complicated taxes. I have 30+ properties, sales, purchases, multiple entities, different tax years, K-1's to send, k-1's received, W2 income, cap gains, cap losses, etc....

To keep things simple I will give an example of the type of thing that has happened on two recent tax returns:

1) It was an issue where an appraisal mattered.  Basis issue. I sent one appraisal and later got a better appraisal and sent that to CPA. They used worse one in rough draft.  At least $15k tax difference to me let's say.  Luckily I noticed.

2) Including property no longer owned in tax return. I assume they took the income from the year previous but we are not talking a trivial amount of money.  Let's call it $20k of income that I didn't really get. Luckily I noticed.

My CPA is not cheap so it's not like I am using someone based on cost. I am using a high level professional with a good reputation but I am concerned they are just too busy and the underlings don't get it done right.

For those that have complicated returns what is the accepted amount of material errors to see in a tax return?  Is one per year too many? I think so but want to make sure I am not being unreasonable.

What do you experts say?

Loading replies...