We Prepare Tax Returns!

We prepare most type of tax returns:

Individual. 

S Corporation.

C Corporation.

Partnership.

Payroll.

Amended.

Gary Bode, CPA is a Master's Degreed, nation wide accountant offering tax and business services. Member of AICPA and NCACPA. Our virtual office provides excellent service to long distance and international clients. Call (910) 399-2705 for a free phone consult.

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Client Testimonials

My husband and I had to deal with canceled debt from a Deed in Lieu of Foreclosure on a second home with our 2012 taxes. We never had to deal with this type of tax experience and needless to say, we were fearful. Owing taxes on possible additional income was stressful. We searched for CPA’s as well as info about DILs and how Insolvency worked. When we came across Gary’s website, we were impressed. We found his website 8 months prior to tax season. We kept it as a “Favorite” as we knew we would need to contact him for assistance. When it was time to get a CPA, we called Gary. We felt relieved that we actually had someone that not only understood our concerns but was an expert in this area. He walked us through the process and all the time telling us not to worry. When our taxes were completed, you cannot imagine the relief we had when we actually were able to get a refund.

Gary is a dedicated professional and attentive to his clients. We love the virtual office as it is convenient during tax time and he’s fees were fair and affordable when you consider the depth of work accomplished on our taxes!

We’ve already started recommending Gary to others. We are so blessed and grateful for all that Gary did to assist with our taxes.

 

Patty and Tim, Fredericksburg, VA

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Even though Gary enjoys helping colleagues, we no longer provide free consults to other tax preparers. He's happy to consult on an hourly billing basis if our schedule allows.

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Form 8825 CPA comments on Rental Property 2012 Tax Court Case | Rental Property Depreciation

I’m a Form 8825 CPA with a virtual office to accommodate my long distance rental property clients. Discussion of this case appeared in the Journal of Accountancy, July 2012.

A Partnership bought a $10.25 Million housing complex. They should have depreciated the rental property over 27.5 years: ($10.25 Million / 27.5) = $372,727 per year. Instead they listed more than 1,000 building components and depreciated them over 5 and 15 years. So their Form 8825 showed over $1 Million of depreciation per year before the IRS challenged it. The IRS also thought the Partnership was depreciating items it didn’t own.

The Partnership tried to separate 12 categories of assets for its special depreciation claims:

  • Site preparation.
  • Water distribution.
  • Sewer.
  • Gas line.
  • Electric.
  • HVAC.
  • Carpentry.
  • etcetera

The IRS and tax court found the majority of the thousand or so depreciated items were structural components of the building and had to be depreciated over 27.5 years.

Why does a Form 8825 CPA follow tax court cases on Rental Property? Well, my extended family owns rental property. It pays to stay current on Form 8825 issues. While this tax court case merely affirmed well established basic depreciation rules, some court cases foreshadow changes in the tax code. Remember, if your neighbor uses a gray area in the tax code, it’s a loophole. If you use it, it’s tax reform.

I’m a rental property CPA that prepares Form 8825, Schedule E, Form 1120-S, Form 1065 and Form 1120. There are dozens of rental property postings on this site. For a free phone consult, please call (910) 399-2705.

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