Jo Firey wrote:
- quote -

I think a generic man which was intended to represent both
make and female persons. If you are paying for this advice
you can complain.

--
Frederick E. Jorden http://Tax-Accounting-Payroll.com
7825 Midlothian Tpk - 207 Richmond, VA 23235-5247
EMAIL knowtax[at]bigfoot.com
(804) 320-6210 FAX (804) 320-6211

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"Wayne Brasch" <waynebrasch[at]stowetel.com> wrote:

- quote -

Write or call CTEC and request a List of Approved curriculum
Providers. CTEC = California Tax Education Council; an
official arm of CA gov. You can also check out :reparer's
at their site: http://www.ctec.org.

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"Wayne Brasch" <waynebrasch[at]stowetel.com> wrote

- quote -

And here I thought cloning was still in it's infancy.

;-))

--
Paul A. Thomas, CPA
taxman at negia.net

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"BMS" <mcfarland[at]yahoo.com> wrote:
- quote -

Decent answer but "man's time"? Grump grump grump here.
(My time and expertise and just and valuable as the next
"guy's")

Jo Firey

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"Peter Werner" <pgwerner1966[at]yahoo.com> wrote:

- quote -

Residential property should be depreciatied over 27.5 years.
So converted to months this is 330 months.

Since you inherited the property, the basis you depreciate
is the fair market value at the time of death (if form 706
was filed in the process of handling the estate, such value
will be on that form). Use a "reasonable method" to
determine such basis otherwise (surrounding property values,
prop tax value times the percent needed to convert such
value to real FMV in your tax area). Based on this, you can
compute the depreciation on the home in one sitting (same
each month, ie straight line method) and keep it for future
years. If this is beyond what you want to do, ask a friend
who is familiar with Excel spreadsheets or any other similar
computer software to prepara a depreciation schedule for
you.

You also need to get your finance company to provide you
with a loan amortization for you so you can pick out the
finance charge. If you get an annual 1098 from you lender,
that will work too.

File this rental activity on 1040 Schedule E.

Hope this permits you to handle this yourself.

Mike Lewis, CPA

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"Peter Werner" <pgwerner1966[at]yahoo.com> wrote:

- quote -

Try using a tax program like Turbo Tax or Tax Cut otherwise
you have to pay for the man's time and his expertise.

After all if it was simple you could do it yourself.

--
Dick

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"Peter Werner" <pgwerner1966[at]yahoo.com> wrote:

- quote -

Read the IRS pubs on rental property (551?) and then try a tax preparation
software package like turbotax, taxcut or taxact

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- quote -

If your tax return is as easy as you say, why are you looking for a CPA. An EA
or even a good tax practitioner can help and probably for less.

Helen, EA in PA
50 miles, 3 days, 1 cause - Multiple Sclerosis Challenge Walk for the Cure
October 1 to October 3, 2004
Donate on-line at www.msandyou.org

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pgwerner1966[at]yahoo.com (Peter Werner) wrote:

- quote -

See Form 4562. Residential rental property is depreciated over 27.5
years, STRAIGHT LINE. Determine FMV of house (without land) when
placed in service as rental, divide by 27.5, and you have your
depreciation deduction for the year.

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"Peter Werner" <pgwerner1966[at]yahoo.com> wrote:

- quote -

There are a lot of us who would possibly prepare your return
for less than $400. That one would not necessarily need to
be located in California. My tax program allows the
preparation of all States returns (those that have a
personal return). There are others like me out there.

Wayne Brasch, CPA, M. S. Taxation

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My mother passed away and I inherited a home a couple of
years ago, which I receive rent on. The rent just covers the
mortgage, leaving me not a rich man, but paying for the
house.

The trouble comes at tax time - my expenses and depreciation
more than surpass my taxable income, leaving me with no or
next to no tax debt. The trouble is actually filing that
with the IRS. If it were just a simple matter of expenses vs
income, I could file my own tax form. The problem comes with
the depreciation schedule, which I can't figure out. I go to
a tax accountant to have it done - they charge me $400! I'm
not sure, but that might surpass my tax burden if I didn't
file depreciation. On the other hand, I'm afraid I'll lose
depreciation if I don't file every year.

Is there any way of getting a depreciation schedule made up
for under $400? Any reasonably priced CPAs that work for
clients from California? I desperately need one.

Grateful for any advice,
Peter

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