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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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The recession was hard on me. In 2009 the banks foreclosed a few of my rental properties, than issuing me 1099C's to make the situation even worse. This made my tax liability enormous, as a result I didn't file taxes for a couple of years. I started receiving letters about my unpaid taxes from the government and my job. The accountant I hired in the past really didn't know much about 1099C,,s. That's when I searched the web and found Gary a life saver to say the least, he knew exactly what to do. If I would not have waited three years to file I would not have lost thousands for filing late. I wish I would have found him sooner, the fact that he does taxes in any state is a plus. I truly cant say enough positive things about my experience doing business with Gary. Thanks Again.

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Real Estate CPA discusses a 2012 Tax Court Case on Charitable Giving | Form 8283

Real Estate CPA in Wilmington NC discusses a 2012 tax court case

Gary Bode, CPA: What do you think about the Tax Court case? For a free phone consult, please call (910) 399-2705.

Any real estate CPA knows that valuation is an issue with the IRS, whether you’re buying, selling, trading or giving. As with gifts of art, you’re required to get an appraisal for donations of real estate over $5,000. You must use a qualified appraiser. Plus the IRS requires lots of specific information. You don’t have to be a CPA to realize the IRS won’t accept just your word for the donation’s value.

In the 2012 Tax Court case, the IRS denied a charitable deduction for $18 Million of donated real estate. The donor was a real estate developer. Instead of paying a CPA to complete Form 8283, he prepared it himself, using his own appraisal. This may seem like fraudulent intent. But the IRS acknowledged the real estate was probably worth more than the $18 Million. And, that it was a legitimate gift. But because he didn’t use an unrelated appraiser, or provide some of the other required documentation, they denied his claim. So it seems like, perhaps, some arrogance on the donor’s part and an extreme example of the  IRS hard lining their procedures.

Is the IRS always this picky about real estate donations?

No, I think the decision surprised most CPAs. I expected the IRS to allow some charitable deduction. In general, I feel the IRS understands that non-fraudulent lapses in procedure happen in their complex environment. I think this decision, which will likely get widespread attention, makes the point that the IRS doesn’t have to be lenient on procedural matters. Or perhaps the donor had other tax transgressions that neutralized any give in their position.

Why would a Real Estate CPA read Tax Court cases?

Sometimes they foreshadow upcoming changes in tax code. Trends work both ways; loopholes appear and disappear.

I’m a CPA in Wilmington NC with a virtual office to serve our long distance and international clients. Planning can sometimes optimize your tax consequences with real estate transactions. For a free phone consult, please call (910) 399-2705.

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