User talk:MikeCA-CPA

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Trillium 17:57, 17 July 2011 (UTC)

Rehab expenses

Hello Mike, My name is Vickie. You responded to a question I posted on July 14th regarding expenses for a rehab property. I am still a bit confused on how to properly represent this on the 1065. I have called the IRS practioner's line but, I did not have much success. This is the first year I am working with this client and 1st year of 1065. To say the least this client is a mess. Does not track expenses on Quickbooks or any other software. I am trying to piece everything together.

The property was purchased in 2010. Sold in 2011. All expenses paid in 2010 for rehab, mortgage, re tax and insurance. Which means they were expensed on the partnership books. Do I just do an M-1 adjustment (expenses recorded not books not deductible for taxes) for all costs associated with the rehab for 2010. Then deducted all expenses in 2011 when the property is sold by increasing the basis on form 4797 to show the sale.

I don't beleive I should be showing these on Schedule A of 1065 pg 2 for 2010.

Thank you, any help is very much appreciated!!


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