James Boreno
URGENT: 1031 Exchange Questions
20 July 2022 | 16 replies
Lets face it, the only issue is if auditor comes asking (for tax purposes anyway).Good luck.
Julio Gonzalez
New IRS Guidelines for 179D Deductions!
25 July 2022 | 0 replies
If you have claimed this deduction or plan to in the future, ensure that your CPA or tax specialist is keeping up-to-date on the latest filings to ensure your documentation is correct.The new guidelines established that an allocation letter should include all of the following:The address of the government-owned buildingThe date the systems were placed in serviceThe signatures of the authorized representativesThe dollar amount of the deduction allocated to the designerThe allocation letter must be in writingThe costs of the energy efficiency systemsA penalty of perjury statement signed by the authorized representative of the government Must contain contact information for the authorized representative of both the owner of the government buildings and the designerDuring the audit, you can expect the IRS to confirm the energy modeling was conducted as well as ensuring that a third party professional completely unrelated to the project was the issuer of the certification.The 179D tax deduction should be claimed by the individual “primarily responsible for designing the energy efficient systems, and the person who creates the technical specifications for installation” for government buildings and designer allocations.When analyzing a 179D claim, the auditor will use “the most recent Standard 90.1 published by [ASHRAE] which has been affirmed… not later than the date that is 2 years before the date that construction of such property begins..
Rick Turman
Can Basement be considered part of gross living space
28 July 2022 | 7 replies
The county switched companies December 2021 and now have a new Auditor site which now shows 2500 sqft 4bd 4.5 bath.
Ashley Mccampbell
New to Wholesaling looking for information on double closing
30 July 2022 | 7 replies
Of course, one can file "anything" they want on their returns until an auditor catches it...
William Hernandez
Assisted Housing for the Disabled
7 August 2022 | 5 replies
https://caassistedliving.org/p...https://www.cdss.ca.gov/infore...Oftentimes, people get skilled nursing confused with senior living including the state auditors/surveyors.
Alex Pino
How long do you ACTUALLY have to live in VA Loan home?
8 August 2022 | 2 replies
When the home was sold after 9 months, the lender loses money, the lender's investors lose the monthly income, and your specific deal will command more scrutiny by auditors at both the lenders institution and the regulatory compliance agencies.
Dwayne Webb
New Guy Starting out in Real Estate
14 August 2022 | 13 replies
Hi @Dwayne Webb I would just recommend using Zillow and the auditor to get a little more background info before making your calls.
Mark Delosreyes
Cost Segregation for Beach House
15 August 2022 | 6 replies
It also must include, according to IRS guidelines, a physical on-site inspection.Since the IRS is in the process of hiring thousands of new auditors, young and aggressive individuals, we already know that one of their targets is depreciation schedules.
Thomas DeLay
Cost Segregation study for single home rental
16 September 2022 | 19 replies
This is true especially since the IRS is hiring thousands of new eager auditors.
Milica Andelkovic
EDD AUDIT QUESTIONS - What are good answers?
14 December 2021 | 1 reply
Auditor sent us this questions:1) How do you determine what work needs to be done on each of the properties?