KMRentals
Level 2

I forgot that taxes were pushed back this year! Thanks for the feedback!!

I don't really use an accountant any more mainly because I never felt like I got any tax planning or understanding from using an accountant. Occasionally, I still have questions or something I want to revisit for a consult, but I never get satisfactory answers.

For example, I don't know how to capitalize property improvements correctly for a condo we rent. We have assessments and monthly fees, but I can't get a clear yearly breakdown from our association on what these are put toward. Last year, I talked to the condo management company's bookkeeper and then to an accountant who audits their books, and the answer I got was just to expense all of it because this is what the accountant did with his rentals. I asked if the condo association itself capitalized improvements and he responded "no, because they belong to the condo owners". I received a similar response from another accountant I was trying to consult with, but he was more wishy washy on it. Maybe it's just an issue of no accountant wants to bother with this level of detail or an audit will never look at the association books for improvements, but it's frustrating for sure.

0 Cheers