TAXABLE INCOME

Started by FrankD2 • 5 replies • 1592 views

💬 Join us to post & get advice from 50,000 HOA & Condo leaders.

⚡ Takes 30 seconds

Already a member? Log in

FrankD2 (New Jersey)
Posts: 58

Posted:

ON FORM 1020 H , what items can be used as expense as a deuction againest taxable income i.e income from investments. reg 528 says the expense must be directlt connected to the income. Our auditor says professional services are deductable

RogerB (Colorado)
Posts: 5,067

Posted:

Fran, you can deduct professional services used to achieve the investment income 9 such as brokerage costs and/or other fees for mutual funds, stocks, bonds, etc.). There is also the $100 standard deduction, IRS taxes paid during the year for the previous year's IRS tax amount, and tax preparation expenses (if any). Some associations also deduct up to 10% of their cost for property management. I do not believe in this last deduction; posted about it on this forum a year ago.

FrankD2 (New Jersey)
Posts: 58

Posted:

does profession services include auditors fees for a complete audit?

FrankD2 (New Jersey)
Posts: 58

Posted:

does profession services include auditors fees for a complete audit?

RogerB (Colorado)
Posts: 5,067

Posted:

Posted By FrankD2 on 12/18/2006 1:54 PM
does profession services include auditors fees for a complete audit?

I do not think so, but I have seen some CPAs call it an audit when they do tax preparation which is deductable.

FrankD2 (New Jersey)
Posts: 58

Posted:

PROBLEM IS SOME CPA'S STRETCH THEIR IMANGINATION WHEN
LISTING PROFESSIONAL SERVICES AS A TAX DEDUCTION ON THE
1020H.

🎯 You've read this entire discussion

Join the conversation with 50,000 HOA & Condo Leaders:

✓ Ask follow-up questions
✓ Share your experience
✓ Get expert advice
✓ Access 350,000 discussions

Create Free Account →

⚡ Takes 30 seconds

Already a member? Log in here