Payback - Want lower taxes or to know about personal finance stuff?

[dean51267]

Hey guys, I am a CPA and a new guy on the board. Thanks for the input on my post, and just reading others post helps me get up to speed a bunch.
As a way of paying back (cause I will be sucking info from you and adding littl boat info back) if you have tax or personal investment/financial planning question ask away and I will answer.
I have a graducate degree in tax, own a large CPA firm, and pretty much split my time between taxes and financial planning.
My phone is 270-554-0720, and email is Dean@owencpa.com

[CAHotRodBoy]

Great. I'm 48 and want to retire by 50. I am broke 'cause all my money goes into the boat. How can I accumulate $2M in retirement fund in two years and still spend 75% of my time on the water? :D :D :D

[Essex502]

Crime...only way unless you have rich relatives that will die in two years and leave it to you. Or...buy lots of lottery tickets and keep your fingers crossed.:D

[Essex502]

Serious question for a sanity check of what my tax guy told me...
I am building a house in LHC...
I bought the lot and financed it on an interest only loan...
The contruction loan paid off the lot and is interest only as well...
I will get a new fixed interest final load when the house is done...
All of the interest just mentioned was paid in CY2004...
Now the question...
Assuming the house is completed by year's end and I receive my Certificate of Occupancy by 12/31/2004....I understand all of my interest spend for the lot and construction is deductable as a second home interest...correct?
Thanks in advance!
And if you have any more boating questions...feel free to ask away.

[dean51267]

THe certificate of ocupancy by 12/31 is not required, if interest is for a built, or building, a primary residence it is deductable.

[dean51267]

Man, find a late 50's year old chick whose husband has kicked the bucket and has a wad of cash.
Bout the only way I know to get done what you want to do.

[CAHotRodBoy]

Okay, I was just kidding, my financial situation is just fine....but good idea about the widow thing. Think I'll start scanning the obits. :D :D :D

[Essex502]

Originally posted by dean51267
THe certificate of ocupancy by 12/31 is not required, if interest is for a built, or building, a primary residence it is deductable.
Not a primary residence...it is a second home interest deduction. Still hold true? If the CO slips until next year, how is this year's interest deducted on next year's second home?

[dean51267]

I should have accented RESIDENCE, not PRIMARY.
It will not be a problem unless something really, really funny going on. The only time I know this would not work is if you were selling drugs from second location.
Way out stuff before it is not deductible.
P.S. - 200 business clients I work for each month, 14 years experience, 300 audits in total, never lost a question of law. Take the write off, no one will look twice.

[riverbound]

do you handle audits? I am being auited for 2000 2001 2002. My old tax guy got busted for fraud and now they are going through all my returns. After reviewing my returns with someone else they said I am screwed because the returns were not done properly. He had boosted up all my business expenses and charitable donations which weren't true. now it looks like I am going to be into the IRS for about $12k:(

[little rowe boat]

Originally posted by dean51267
THe certificate of ocupancy by 12/31 is not required, if interest is for a built, or building, a primary residence it is deductable.
I am in the same boat as essex502,but my house will not be finished until 05.I will not receive my cert. of occupancy until early 05.Will the interest still be deductible?
Thx
J.Rowe

[dean51267]

Yes, I handle audits, and at the expense of being arragont, am one of the best there is at it in the country. Just got through getting a guy out of a 15 year sentance for fraud, he did it, but paid me enough to get him off. YOu likely did not take every deduction allowable, would have to see what I could do. Send me a message, dean@owencpa.com, we can talk.
THe certificate of occupancy is irrelevant. It is interest for a residence. As long as the property qualifies as a residence it is deductible.