Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (6) | Ignore Thread Prev | Next
Author: ptheland Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121095  
Subject: Re: Sec 1250 Gain Date: 12/8/2001 4:29 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 2
I agree with the previous posts on the treatment of your gain. Form 4797 for the rental and sched D for the land. $8k gain (always look at your basis after depreciation) taxed at 25%. But I have one other comment.

My accountant says he can't help me yet because he doesn't have his 2001 tax software.

Maybe you need to think about a new accountant.

First of all, you don't need software to do a tax projection. There's always pencil and paper. Software just makes things a bit quicker. I'd be a little afraid of an accountant that CAN'T do without software. They're depending too much on the programming and not thinking for themselves.

Second, I've got software that allows me to project 2001 taxes, and I've had it for over a year. In fact, I can project taxes out for the next 10 years (making some major assumptions, of course). So there's stuff out there, your accountant is either too lazy or too cheap to get it, or they don't know it's available. None of these are good signs.

Just my thoughts on your statement.

--Peter
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (6) | Ignore Thread Prev | Next

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Post of the Day:
Value Hounds

Mylan Transitioning from Generics
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement