Hello,
This year I took over the record keeping for my parents rental houses. There are approximately 20 houses so there is a good deal of record keeping. We had to switch property managers this year, so I've had to consolidate the records from both property mangers into one spreadsheet for each house. In prior years my father summarized all the information and then took the information to a CPA to complete the taxes. He had been using the same CPA for about 10 years. For various reasons this year I am considering having a different CPA prepare the taxes. I would like some input as to how difficult this would be for a new CPA to take over and try to figure out the historical depreciation. I have last years tax return which includes the 2014 and 2015 depreciation schedule. The depreciation schedule lists each house along with the improvements, date acquired, cost basis, depreciation basis, method of depreciation, life, rate, current depreciation, etc. Is it just a matter of the new CPA looking at the historical depreciation schedule and putting it into their computer or is this more complicated than that. Please give me your options.
This year I took over the record keeping for my parents rental houses. There are approximately 20 houses so there is a good deal of record keeping. We had to switch property managers this year, so I've had to consolidate the records from both property mangers into one spreadsheet for each house. In prior years my father summarized all the information and then took the information to a CPA to complete the taxes. He had been using the same CPA for about 10 years. For various reasons this year I am considering having a different CPA prepare the taxes. I would like some input as to how difficult this would be for a new CPA to take over and try to figure out the historical depreciation. I have last years tax return which includes the 2014 and 2015 depreciation schedule. The depreciation schedule lists each house along with the improvements, date acquired, cost basis, depreciation basis, method of depreciation, life, rate, current depreciation, etc. Is it just a matter of the new CPA looking at the historical depreciation schedule and putting it into their computer or is this more complicated than that. Please give me your options.