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Updated over 1 year ago on . Most recent reply

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Michael Eldridge
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Changing tax preparer

Michael Eldridge
Posted

Switching tax preparer this year and since informing the previous one over a month ago they have been distant. Have now been told my depreciation schedule for my rental properties has been lost in a move. I'm pretty much stuck without them and unsure where to turn next. Any advice?

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Basit Siddiqi
#1 Tax, SDIRAs & Cost Segregation Contributor
  • Accountant
  • New York, NY
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Basit Siddiqi
#1 Tax, SDIRAs & Cost Segregation Contributor
  • Accountant
  • New York, NY
Replied
Quote from @Michael Eldridge:

Switching tax preparer this year and since informing the previous one over a month ago they have been distant. Have now been told my depreciation schedule for my rental properties has been lost in a move. I'm pretty much stuck without them and unsure where to turn next. Any advice?

The prior accuntant should be able to print your return along with any depreciation schedules by going into your tax return within their tax software. It seems like they are being unprofessional and do not want to.

The issue is that depreciation schedules are not given to the IRS when you submit the return.
4562 which is used to calculate depreciation is given to the IRS but it does not factor in non-depreciable items such as land. 
Sometimes it is very difficult to reconstruct your depreciation schedule without the help of your prior accountant but still potentially possible.

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Basit Siddiqi CPA
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