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Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7009
Experience:  Extensive Experience with Tax, Financial & Estate Issues
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At the beginning of this year I discovered Id made a mistake

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At the beginning of this year I discovered I'd made a mistake in handling some rental income and expenses for a number of previous years. I engaged a CPA to assist and he help me in amending all tax 1040's for years 2009, 2010, 2011 and the new filing for 2012. All is now aligned with the IRS and this issue is fully resolved.
My question is, when I begin preparing my 2013 tax filing (assuming I do this myself this year rather than re-engage the CPA), can I claim the costs of preparation for all the years which were amended as well as 2012, or can I only claim 2012 as it was the prior year, as stated stated in the IRS guidelines - even though the prior years were effectively amended in 2012 also.
I ask as the deduction would be significantly larger for the preparation related to all years amended plus 2012, as opposed to just 2012 alone.

Stephen G. :

Hello, my name isXXXXX & I'll be helping you today. My goal is to give you a complete & accurate answer that you can understand.

Stephen G. :

If you paid the bill in 2013, you can deduct the expense in 2013.

Customer:

Great. Thanks. That's all I needed to know !

Stephen G. :

Further, if this was related to your rental property, and it is to your benefit, you may want to claim most of the expense as an expense in your rental property.

Stephen G. :

Questions?

Stephen G. :

If not, please remember to rate my response as that is the only way we get credit for our answers.

Stephen G. :

If you need to contact me again with any tax or financial questions, you can just ask for "Steve G" at the beginning of your question. Thanks again for using us for your tax and financial questions. You may get a short survey from the site; if it isn't too much trouble I would appreciate it if you would answer it; the survey results are used to rate our performance;

Customer:

Is there any significant difference (benefit) over including this in rental expenses over standard tax prep deduction ?

Stephen G. :

Well, it would depend upon other factors in your tax return that may depend upon the level of itemized deductions.

Stephen G. and other Tax Specialists are ready to help you