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Form 8825 CPA discusses delay in the new Capitalization vs. Repair IRS Regs for Rental Property | Schedule E

Rental property CPA form 8825 CPA Schedule E CPA

Gary Bode, CPA: the interim between the old and new IRS Regs offers potential tax positioning for the 2013 tax year. (910) 399-2705.

As a Form 8825 CPA, and Schedule E too of course, I’ve fielded numerous client concerns over the new Capitalization and Expense IRS Regs. First proposed for 2013, the IRS has now delayed them to 2014 Why? The uproar over potential compliance costs from rental property CPAs and taxpayers. The IRS expects to simplify them. Interesting tax implications exist in the interim.

Rental Property Owners have a choice in 2013 for Form 8825 and Schedule E

For the 2013 tax year, rental property owners can choose whether to use the old/current regulations, or, the new temporary regulations. Even if the new regulations aren’t finalized. So there’s lots of potential tax positioning for the 2013 tax year.

“The IRS provides automatic consent procedures to change the accounting method on Form 8825 and Schedule E. Read Revenue Procedures 2012-19 and 2012-20 if you use the temporary regulations in 2013.” 
– Gary Bode, rental property CPA

2014 is looming. The new Regs are inevitable and pack a punch. It’s prudent to learn about the effect on your rental property and Form 8825 or Schedule E.

I’m a rental property CPA and can offer you service wherever you live, thanks to my virtual office. My extended family owns real estate, so I have to stay on top of emerging rental property issues. For a free phone consult call (910) 399-2705.

 

 

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