All Forum Posts by: Jeff Mitchell

We are currently trying to finalize our designs for a complete gut renovation in northern New Jersey. We are currently hitting a road block on the electrical subcode section. As this is a full gut job the electric panels are moving from their current locations. The locality is asking our architect to include the electric panel schedules plus riser wire type and sizing. He does not know how to provide this information. Can anyone in this forum help to provide this information? I have full signed and sealed blueprints which show our new proposed electrical layout. Any links to sites that would help us flesh this out on our own would be appreciated but more than willing to pay and get someone to do this so we can get started with the construction now. Please let me know if I am leaving out important information or if you have any questions.

Thanks,

Jeff

Posted this question in rehabbing and flipping forum also but wanted to get as many eyes on this as possible. We are currently trying to finalize our designs for a complete gut renovation in northern New Jersey. We are currently hitting a road block on the electrical subcode section. As this is a full gut job the electric panels are moving from their current locations. The locality is asking our architect to include the electric panel schedules plus riser wire type and sizing. He does not know how to provide this information. Can anyone in this forum help to provide this information? I have full signed and sealed blueprints which show our new proposed electrical layout. Any links to sites that would help us flesh this out on our own would be appreciated but more than willing to pay and get someone to do this so we can get started with the construction now. Please let me know if I am leaving out important information or if you have any questions.

Thanks,

Jeff

We are currently trying to finalize our designs for a complete gut renovation in northern New Jersey. We are currently hitting a road block on the electrical subcode section. As this is a full gut job the electric panels are moving from their current locations. The locality is asking our architect to include the electric panel schedules plus riser wire type and sizing. He does not know how to provide this information. Can anyone in this forum help to provide this information? I have full signed and sealed blueprints which show our new proposed electrical layout. Any links to sites that would help us flesh this out on our own would be appreciated but more than willing to pay and get someone to do this so we can get started with the construction now. Please let me know if I am leaving out important information or if you have any questions. 

Thanks,

Jeff

@Eamonn McElroy and @Michael Plaks,

I think his problem is finding a competent RE CPA to help him with this very specific problem. I assume neither of you are licensed for NY, if I am incorrect, please let me know. Otherwise, can either of you suggest a CPA in NY, he can trust to clean this up? 

Hello,

I am asking this question for a co-worker. He bought a rental property 15 years ago and has never taken depreciation on that property. Not clear on the reason for not taking it, I think he just had a bad accountant. What are his options? If he were to claim all 15 years now, he would lose out on a lot of money since he makes more than 150K in ordinary income. (rental real estate loss allowance)

Is there a way to start the depreciation clock now or does he have to take all 15years now at once?

If he were to take all 15 years now, even though it doesn't allow him to write off the losses, will it still count against him when he sells the property?(depreciation recapture)

I think he could amend his last three taxes so it could take it back to 12 years in 2017 to lessen the loss a little. Or he could sell the property (never claim depreciation) and would not worry about depreciation recapture, correct?

Thanks,

Jeff