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Real Estate CPA discusses Impairments and Write Downs | FASB ASC 360

real estate cpa nc

Gary Bode, CPA: real estate can be impaired and written down under some circumstances. (910) 399-2705.

Real estate CPAs saw more real estate related impairments and write downs during the recession. Hopefully that will change for the 2013 tax season.

“Management should be aware of indications when real estate costs may not be recoverable.” 
– Gary Bode, real estate CPA

Here’s a list of some of these indicators.

Your real estate CPA can help you decide the impairment and subsequent write down. Usually FASB ASC 360 governs the calculations.

  • Decreased Fair Market Value.
  • Excessive unsold property on the Balance Sheet.
  • Loss of tenants or requests for modified rent.
  • Making more concessions to lease a property.
  • A change in the way the property is used.
  • Detrimental changes in regulations or zoning.
  • Insufficient cash flow to service debt.
  • Expected occupancy rates and subsequent rents won’t cover known costs.

Of course there are others. The main point is that you and the real estate CPA have to proactive in looking for possible impairment. The next point is then following IRS guidance and making an air tight case for write downs.

I’m a real estate CPA with a virtual office to serve you anywhere you own property. (910) 399-2705.

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