Taxpayers had several rental properties and erroneously included the value of the land with the buildings on their depreciation schedule and income tax return. To correct their return, the IRS turned to the taxpayers’ public county records to determine the value of nondepreciable land and adjust the depreciation claimed. The taxpayers argued that county assessments are very inaccurate and inconsistent. The Tax Court disagreed and decided that public county assessor records can be used to allocate the land portion of real estate for tax filing purposes.
We can help make sure this doesn’t happen to you. Let our office prepare your returns to make sure that you don’t find yourself in this situation!
We can help make sure this doesn’t happen to you. Let our office prepare your returns to make sure that you don’t find yourself in this situation!