All Forum Posts by: Lisa Misuraca

Thanks everyone I feel like I’ve done the right thing.Filed an amendment and sent a payment and now looking for a BETTER ACCOUNTANT! Very disappointed and confused about what happened and very concerned now about what I’ve filed previously.Totally appreciate everyone’s input.

O didn’t even know this option because I’m not a cpa but this would have worked also in this situation.1/2 partner in one and 1/3 in another. I can’t  quite get why they didn’t they knew what it was.

I suggested to them that they used the wrong form also but I at least would be able to deduct my expenses on a 1040 c. Thanks a bunch just second guessing myself here.

This is a partnership and we each received our percentages from the proceeds in a check at closing which also included our cash back for repair expenses. He used a Capital Gains form and only put down our total check amount.I gave him a total expense breakdown.When reviewing I let him know that he has omitted the expenses I was told very rudely. It’s right I’m not changing it go somewhere else if you don’t agree.I’m not that income tax savvy but even I know I don’t want to pay taxes on my own money. Thanks for your input.

At closing I got my check which is my profit and remodeling costs.My accountant refused to deduct these expenses on my Capital Gains form.He included the total cash received at closing.What can I do? So basically he’s having me pay taxes on my own money.HELP!

Simon my CPA of the last 10 or so years put my flips on a capital gains form and included all fund which of course included my capital used for the remodel.I said this is wrong you need to use the 1040 C form. He said” I’m done it’s correct if you don’t like it go somewhere else.

Please I really need a Real Estate CPA.Who do you trust?

In my opinion those rents are unattainable for this location.Do the units have Air-conditioning?

ARV is crazy high.I'm wishing you get these rents and ARV.

This is where you go back to the seller and ask for these repairs.That’s what an inspection is for. Do you have the money in reserve to do all these repairs. Get quotes for what it’ll cost to get them done. Ask for a discounted price based on these costs,or have the seller get it done prior to closing.Especially the larger repairs like the roof and garage.