Form 8825 CPAs understand that the new IRS Repair vs. Capitalization Regulations are the biggest change to rental property taxation in decades. And of course, the IRS has now modified prior modifications to these Regs with Notice 2012-73.
“Rental property has unique tax options in 2013. Consult your Form 8825 CPA. Maybe your rental property goals match these new opportunities.”
- Gary Bode, Schedule E CPA and rental property accountant
In 2013 Rental Property Owners can Pick and Choose between the Old and New Regs
The new Repair vs. Capitalization Regulations aren’t mandatory until 2014. But in 2012 and 2013, at least from my understanding of Notice 2012-73, owners can pick and choose between the old and new Regs. However, even some rental property CPAs worry about portions of 2012-73 being modified yet again. But, in some cases, going forward with the Change of Accounting Method earlier than 2014 makes sense.
I’m a Form 8825 CPA with a virtual office to handle Form 8825 and Schedule E wherever you live, or your rental property is located. I stay current on emerging issues, partly because my extended Family owns rental property. If you don’t already have a Form 8825 CPA, or like what you read in the dozens of rental property posts on this website, please call (910) 399-2705 for a free consult. Of course we prepare the parent tax returns too e.g. Form 1120-S, Form 1065 and Form 1040. Plus your State’s tax returns too.
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