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I recently attended a Financial and Estate Planning group meeting and the guest speaker was a CPA. He spent a lot of time talking about properly depreciating your home value on your taxes. Essentially he recommended that if the house was of high enough value and relatively newer, it was worth the money to hire an agency to do a proper valuation of your home. His indication was that our tax preparers do not do a great job of determining what percentage of our total home value is attributable to the home itself, which can be depreciated.
My question is: How much does my house have to be worth create a return on my investment for hiring the proper agency to do this? How old can my house be?
I would also like to know better answers to these questions because I have a lot of clients that would benefit from this, especially considering that ammendments can be filed for the last three tax years.
Any ideas would be of great help.
AS stated:The aarp tax volunteer would not get involved with that form of taxation:Your city,state or county tax office would have that info and that is the only place your clients would get the proper help.
Are you a aarp tax volunteer?Because with your training for the program(which should be over now because our tyax year has started)you would have been told what was in and out of scope for your training.Also a person from your state tax office should been at one of your meeting to explain the state process for the 2008 rax season.