All Forum Posts by: Account Closed

Under the new tangible property regulations I would expense the roof if the new roofing material was similar to the old roofing material (example asphalt shingle to asphalt shingle) (unless the roof was already in a state of disrepair when you acquired the property and it has not deteriorated to a complete state of disrepair. We only have to capitalize if we have a betterment when compared back to the condition it was in when we placed it in service, adapts property to a new of different use, or is a restoration (restoration I do not believe applies because it was not in a complete state of disrepair....ie basically falling in). Each of these tests have a bunch of stuff under it, most people dont understand them, but i have been writing off roofs often when the facts are on my side - often they are. The new Regs a few years ago totally changed the rules on what must be capitalized and each expenditure should be analyzed carefully. Google tangible property regulations if you cant sleep one night! PM me if you need an opinion on capitalize vs expense as it pertains to your fact pattern

I do a lot of real estate work - PM me. I think with the military income he will file and pay in whatever state he has his permanent ordera on his income. If I cant help I will help you find a CPA who can. Just as with CPAs not all enrolled agents are equal

I'm a CPA and I love Quickbooks online. The old grey haired CPAs hate it because they dont know how to use it. You can do anything in the online that you can do with the desktop version plus your info available anywhere you have a mobile or internet connection! To me that is huge! Mobile is the way of the future - your data does you no good in the office - you need it real time on the go!

I like paulding county - its about like cobb 20 years ago

i personally know the guy at the head of Angel Oak - i know they will treat you right with decision coming ouy of atlanta

google angel oak prime bridge part of angel oak capital

David - yall send me some deals when you find them please!

I am shocked there is no due diligence period. If you still have not inspected arent you in the due diligence period where you can back out for any reason?

@Brian Adams great story.  I identified a lot with it as a CPA who does similar type of tax work!

I have some dough too - reach out if you want to chat!  Maybe we could pool our resources into something bigger