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Hello. My specialty is focusing on YOUR Financial needs. Financial Planner/Business Owner for 20 years. CPA,PFS,QFP,GMMA.
I realize that you have asked for Paul. However in an attempt to respond quickly and accurately I would be more than willing to provide an answer.
I simply need to know if you will ONLY deal with Paul.
This is the freal world scenario, not a theoretical one:
The best scenario is that the cooperative housing corporation takes the depreciation and there is never an audit and it simply goes through. Times passes and there are no issues.
The more realistic scenario is the the cooperative housing corporation TAKES the depreciation expense, it gets flagged by the IRS and the return is adjusted, interest imposed.
There any even be a penalty by the IRS if a tax professional files the return. The IRS will say that preparer should have known better. The return prepares would be liable for interest and penalty, the association just the tax that should have been paid.
If other than a tax preparer prepares the return stupidity is the claim. Then there should only be the original taxes due plus interest.
If this does not answer your question please let me know. Also let me know if you have additional questions. If you understand my answer and have no more questions, please ACCEPT and leave positive feedback (if so inclined). Thank you.