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William Ellis, CPA
William Ellis, CPA, CPA
Category: Tax
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Experience:  Over 15 years of experience in public accounting
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a business acquaintance owes me quit a bit of money. He has

Customer Question

a business acquaintance owes me quit a bit of money. He has 800k in carry forward depreciation. He has offered to back date and assign his depreciation to me for the years of 2007 and 2008. These are the only years taking more depreciation will benefit me. We have been working together longer than that. Can we do this?
Submitted: 4 years ago.
Category: Tax
Expert:  Richard replied 4 years ago.

Good morning. You probably already know the answer to this....whenever someone want to "backdate" something, it's basically fraud. It doesn't mean you would get caught, but it's one of the those things you think about in the middle of the night when it's just you and your conscience.

 

 

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The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

Customer: replied 4 years ago.
assuming it is not fraud, what are the rules for this?
Expert:  William Ellis, CPA replied 4 years ago.
Is this person offering to pay you with the assets associated with the depreciation as opposed to paying you with cash? The reason I'm asking is because depreciation expense is directly associated with a specific asset, and it cannot be "assigned" to another person or entity who does not own or control that asset. If you are not taking full control over the assets associated with the depreciation, I wouldn't consider this deal. By the way, has this person or business filed its taxes for 2007 and 2008? If they did and if they claimed the depreciation, they would have to amend those returns to show these assets are no longer on their books. If you haven't filed your 2007 return, or if you are planning to amend it to claim a refund, you have 6 1/2 months left before this tax year closes. After 15, no more refunds for 2007 can be claimed. Hope this helps, Bill
William Ellis, CPA, CPA
Category: Tax
Satisfied Customers: 296
Experience: Over 15 years of experience in public accounting
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