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SVTPerformance's Chain of Restaurants
Road Side Pub
Question For Accountants - Property Tax Prorations Home Purchase
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<blockquote data-quote="ElscottHavoc" data-source="post: 14297463" data-attributes="member: 93145"><p>I was not attempting to be fraudulent by any means. Just wanting things to balance, and it wasn't balancing correctly and secondly, I just want to make sure that I inserted it correctly for presenting to my tax preparer. Otherwise, undoing the reconciliation is a hassle.</p><p></p><p>During closing, I still paid all normal closing costs, origination fees, insurance, and attorney fees plus down payment - all things accounted for in my accounting. Then Ive got this $1050 amount that we rexeived from the seller for taxes during a period we didnt own the property, plus an additional amount that we inherently received from the seller for another 4 1/2 months worth of our ownership. Having them provide the prorated taxes lowered our closing costs - and so not accounting for that money as received in one form or another would be more fraudulent I would think.</p><p></p><p>I'm wondering if I'm not being clear enough with my question...eh, I'll probably just seek my tax guy. Just thought I'd see if I could quench my curiosity sooner.</p><p></p><p></p><p></p><p> <em>Posted via <a href="http://topify.com" target="_blank"><strong>Topify</strong></a> on Android</em></p></blockquote><p></p>
[QUOTE="ElscottHavoc, post: 14297463, member: 93145"] I was not attempting to be fraudulent by any means. Just wanting things to balance, and it wasn't balancing correctly and secondly, I just want to make sure that I inserted it correctly for presenting to my tax preparer. Otherwise, undoing the reconciliation is a hassle. During closing, I still paid all normal closing costs, origination fees, insurance, and attorney fees plus down payment - all things accounted for in my accounting. Then Ive got this $1050 amount that we rexeived from the seller for taxes during a period we didnt own the property, plus an additional amount that we inherently received from the seller for another 4 1/2 months worth of our ownership. Having them provide the prorated taxes lowered our closing costs - and so not accounting for that money as received in one form or another would be more fraudulent I would think. I'm wondering if I'm not being clear enough with my question...eh, I'll probably just seek my tax guy. Just thought I'd see if I could quench my curiosity sooner. [i]Posted via [URL="http://topify.com"][b]Topify[/b][/URL] on Android[/i] [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Question For Accountants - Property Tax Prorations Home Purchase
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