Estate Audit

bobm

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At yesterday's IRS audit of 2018 tax returns of a tax payer that had died in 2018 ( Asian woman born in 1932 ) . The estate was represented by a retired CPA who was the executer of the estate as her now only client. The tax payer's 3 children are the beneficiaries and are happy to have this former CPA to handle the estate as they see her as their aunt. This represetative was also born in 1932 and had purchased her home 2 homes away from the tax payer in 1961 and were fast friends from then on. The tax payer's estate owns 10 single family homes, 2 multifamily homes, and 2 commercial buildings in China Town ... all are fully leased. One of the leasies of a commercial building owns a restaurant in one of the commercial buildings and has 10 remaining years on a long term lease of 20 years. However this gentleman , born in 1934 thinks that he owns the building too and is suing the estate. The estate has sold one single family home used as a rental for the last 20 years. The tax represetative did not bring any documentation as evidense for any depreciation of any of the buildings or even what the sold property was purchased for to figure out what the depretiation basis were or current values for inheritance purposes were at the time of tax payer's husband's death 3 years prior or tax payer's death the prior year for inheritance purposes for the children. This retired CPA ( now executive of the estate) was sent home with a laundry list of evidence to provide a paper trail to clear up the muddied tax returns. This may take a while... . :caf
 

seedcorn

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Sounds like she was trying to pull a fast one. Or time has passed her by.
 

flowerbug

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Sounds like she was trying to pull a fast one. Or time has passed her by.

to me it just sounds like someone who didn't keep good records who should have known better. yeeps... perhaps they have enough money that they don't care much about wasting someone else's time...
 

ducks4you

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Get a lawyer bc there is a fight going on. Why is this a problem? You and I don't know the laws involving local real estate. Only PI lawyers and self proclaimed lawyers charge enormous fees. OUR office isn't rolling in dough.
 

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