The previous years appraised value is $154,323.

Great area, especially with a college nearby.

Before I looked at the deal, here's what I asked from him:The purchase and sale agreementRehab breakdown documentation2 HUD statements of previous dealsDeal info (Property profile, funding, security, repayment plan, etc.)Title company involved in the transactionWhat I also asked for was a term sheet from the hard money lender that was lending at first position.

If this is the same person you've worked with for years and have a good working relationship I would first give them the benefit of the doubt and reach out to two other accountants to see if they will do a complimentary review of you previous tax returns.

(adjust cost basis - net sale = net gain)Once you have that you can deduct state and federal taxes from that figure.It doesn't sound like it in this scenario, but if you have lived in the property for two out of the previous five years you could qualify for the 121 exclusion.

There are numerous property types such as self storage, Mobil home parks, office, industrial, commercial residential, non commercial residential, etc.

Alliant immediately approved me for a much larger loan than the previous lender... fingers crossed I don't run into the same issue with regards to a last minute request from underwriting to have an in-person appraisal that results in a lowball valuation.

I did have a CPA review my previous returns and he said everything looked in order. 

Changing the method of deduction might slightly alter your taxable income, leading to a small increase in taxes.Bottom Line: The slight increase in taxes could be due to how different deductions interact with your overall tax situation, even if the total deduction amount remains the same.2.Is It Worth Amending Previous Years’ Taxes to Change Purchases from Depreciation to Expenses to Avoid Future Depreciation Recapture?

@Joe S.This is a “know your audience” responseIf you are around a bunch of college professors and they are technical then yes you can pull out all the big words - but as you mention many will try and use these big words in a convo and they scream newbie because it’s apparent they lack some knowledge as they are creating word salad with what they say.I just tell people be yourself