ajp
Level 7
02-19-2022
01:30 PM
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New client, and I am trying to decide if something fishy is going on or not.
The husband/wife have a business. For whatever reason, when this was formed, they decided to not put it on a schedule C and to have a partnership return. There is a piece of real property that is being depreciated on the return. When I looked it up on our local assessor's website, it is listed as being owned by husband and wife instead of the business. I normally wouldn't blink an eye over this, but it seems odd that they make the effort to have a separate return for the business, but they aren't keeping the assets separate.
Thoughts?
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