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Client Testimonials

When my business partner and I found ourselves in a land investment that was abandoned by the developers, we had no reasonable economic choice but to walk away from our mortgage loan.  While we understood that there would likely be tax consequences, the magnitude of our exposure was not fully anticipated.  Thankfully, Mr. Bode was able to work with us to strategize a defensible tax position and mitigate the tax implications of our investment loan abandonment.  I would recommend that anyone facing an investment loss that has tax implications due to debt forgiveness give Gary a call.  It is always best to fully understand the circumstances and the tax rules and related options before paying a hefty bill.  Thanks Gary!

Brian D. - CPA

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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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Rental Property CPA explains Cancelled Debt on Schedule E | Form 1099-C instructions | Schedule E instructions | rental property foreclosures and short sales | IRS Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness and Form 1099-C Cancellation of debt

Rental Property CPA discusses rental property cancelled debt. . . . → Read More: Rental Property CPA explains Cancelled Debt on Schedule E | Form 1099-C instructions | Schedule E instructions | rental property foreclosures and short sales | IRS Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness and Form 1099-C Cancellation of debt

Rental Real Estate CPA discusses rental property cancelled debt in 2015 | landlord tax issues

Here’s a post that tries to cover rental real estate cancelled debt issues, based on my cancelled debt post comments and free consult calls. (910) 399-2705.

Unfortunately rental property cancelled debt is still a big issue for landlords in the 2015 tax season. Why? The lag time between rental property foreclosure and the bank’s . . . → Read More: Rental Real Estate CPA discusses rental property cancelled debt in 2015 | landlord tax issues

Form 1099-A CPA discusses a Rental Real Estate Cancelled Debt case | Form 1099-A, Acquisition or Abandonment of Secured Property, leads to $250,000 NOL

Here’s a bad example of IRS Form 1099-A tax preparation for rental property. Need a free consult about a Form 1099-A? (910) 399-2705.

Sometimes a Form 1099-A CPA amends a past cancelled debt tax return. I hear lots of confusion about Form 1099-A, Acquisition or Abandonment of Secured Property. So I’ll present an example . . . → Read More: Form 1099-A CPA discusses a Rental Real Estate Cancelled Debt case | Form 1099-A, Acquisition or Abandonment of Secured Property, leads to $250,000 NOL

IRS Form 8825 CPA tax accountant advises on 2015 Rental Property IRS Red Flags

Gary Bode, CPA: I keep current on Form 8825 and Schedule E issues because I have rental property in my extended family. If you don’t have a local Form 8825 CPA and need a free consult, consider calling me. (910) 399-2705

Form 8825 CPAs worry about IRS red flags on rental property issues. Form . . . → Read More: IRS Form 8825 CPA tax accountant advises on 2015 Rental Property IRS Red Flags

Schedule E instructions (Supplemental Income and Loss) explanation from landlord CPA | example using rental real estate foreclosure

The Schedule E instructions don’t cover some area of landlord tax reporting, especially in the final year of disposition. For a free consult call (910) 399-2705.

Landlord CPAs deal with Schedule E routinely. And the Schedule E instructions aren’t too bad. But there’s a lot the Schedule E instructions don’t cover, especially in the . . . → Read More: Schedule E instructions (Supplemental Income and Loss) explanation from landlord CPA | example using rental real estate foreclosure

Rental real estate CPA discusses basis of rental property settlement costs | Form 4797 instructions

Rental real estate settlement costs on the HUD statement are often overlooked and generate un-required taxes. For a free rental property consult call (910) 399-2705.

Rental real estate CPAs say that rental property taxation is hardest in the year of purchase and year of sale. In the year of sale there’s often considerable amounts . . . → Read More: Rental real estate CPA discusses basis of rental property settlement costs | Form 4797 instructions

2015 Amended tax return CPA discusses correcting tax mistakes with Form 1040X

Form 1040X just shows and explains the changes from the original tax return to the new tax return. You have to figure out the underlying tax issues. I offer a free consult for amending tax returns. (910) 399-2705.

Amended tax return CPAs deal with all kinds of taxes. S Corporation on Form 1120S, C . . . → Read More: 2015 Amended tax return CPA discusses correcting tax mistakes with Form 1040X

IRS 4797 instructions | Tips from a landlord CPA

 

Your landlord CPA has multiple tax reporting issues when a rental property is sold, foreclosed, short sold, etc. Form 4797 reports the taxable gain or loss from the sale. I’ll provide an example to help landlords understand the Form 4797 instructions. I offer a free consult for landlords. (910) 399-2705.

Landlord CPAs encounter . . . → Read More: IRS 4797 instructions | Tips from a landlord CPA

Form 1099-C CPA tax accountant discusses severally liable Form 1099-C(s) for Landlords |Cancellation of Debt |Form 1099-C instructions | Form 982 instructions | Publication 4681 | Form 8582 instructions | Form 4797 instructions

Legally your bank can’t double the amount of rental property cancelled debt, although lots of fees get added to the balance. All parties liable for the rental property mortgage get identical Form 1099-Cs. If one party doesn’t pony up, the other parties are still responsible for that share of the severally liable Form 1099-C(s). . . . → Read More: Form 1099-C CPA tax accountant discusses severally liable Form 1099-C(s) for Landlords |Cancellation of Debt |Form 1099-C instructions | Form 982 instructions | Publication 4681 | Form 8582 instructions | Form 4797 instructions

Rental Property CPA tax accountant augments the Schedule E instructions | landlord tax issues

Schedule E instructions don’t completely cover the landlord’s rental property tax reporting obligations. If you don’t have a local rental property CPA, consider calling me for a fee consult at (910) 399-2705.

As a rental property CPA I re-read the IRS Schedule E instructions every year. However I mostly keep up with rental real . . . → Read More: Rental Property CPA tax accountant augments the Schedule E instructions | landlord tax issues