LLC taxes: did my accountant screw up?

[Gillian C.]

Hi everyone,

My partner and I bought our first property last year under an LLC. We deferred our tax filing this year (both LLC and personal) because we weren't ready in time, and are using a new accountant.

We just received a draft of the LLC taxes, and I'm concerned. In 2018 we had rents of about 20k but line 2 "gross rents" of form 8825 reads 0.

I also can’t find any reference to our travel expense (1619 miles). What line would this appear on if prepared correctly?

Lastly we had suggested a land value of 25% for the depreciation calc but the number used was closer to 10%. We’re in Chicago, the property is in Avondale. We have a private mortgage so the land never got assessed. I’d love to use 10 but don’t want to get dinged and we plan to refinance this year and want to understand how the official appraisal will affect our taxes/ depreciation if land value is adjusted up drastically in year 2. Any thoughts welcome.

In deferring our personal we didn’t make any state tax prepayment and I made the same selections on my income as a person I work with, who did owe state taxes, another thing I’m worried about.

1. Am I missing something or did this guy mail it in?

2. If the answer to #1 is yes, any recommendations / referrals for trusted Chicago tax accountants with experience in Real estate LLCs / multi families?

Thanks all!