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Updated over 2 years ago on . Most recent reply presented by

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Daniel Murphy
  • Financial Advisor
  • Saint Paul, MN
129
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170
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looking for a second opinion on my diy taxes

Daniel Murphy
  • Financial Advisor
  • Saint Paul, MN
Posted

Before you jump all over me with the "always hire a CPA" stuff, hear me out. 

I'm a financial planner & I've been pretty comfortable with taxes.  In most years, what I have planned & projected with my taxes has ended up being within about 5% of the final numbers when run by my former CPA.  

That being said, I am trying to add a cost seg report this year.  I paid to have the report done, I'm just struggling with how to enter the data into Turbo Tax premier desktop.  

Are there any accountants or CPA's who would do a standalone fee to look over this section for me to give me a second opinion? 

To clarify, I wanted to do this myself so I can have a much deeper understanding of the mechanics of a Cost Seg study and RE taxes specifically.  
Thanks in advance. 

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Michael Plaks
#1 Tax, SDIRAs & Cost Segregation Contributor
  • Tax Accountant / Enrolled Agent
  • Houston, TX
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Michael Plaks
#1 Tax, SDIRAs & Cost Segregation Contributor
  • Tax Accountant / Enrolled Agent
  • Houston, TX
Replied
Quote from @Daniel Murphy:

Thanks @Michael Plaks, yes, this is for a property that I purchased and put in service in 2022.  
What do you mean enter 3-5 assets per property? 


You normally enter one asset for 27.5-yr depreciation. Now you will need to enter 5- 7- 15- and 27.5-yr assets separately, per your cost segregation report.

  • Michael Plaks
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