February 1, 2022

The Mann Report published an article by Tax Director Joseph Mecagni, about the importance of land allocation when purchasing property, in order to minimize taxes and avoid penalties.

The Mann Report

By Joseph Mecagni, Director, Tax & Business Services

The Mann Report published an article by Tax Director Joseph Mecagni, about the importance of land allocation when purchasing property, in order to minimize taxes and avoid penalties. Tax & Business

Excerpt:

The problem is that land is not depreciable. The taxpayer is required to allocate the cost of land, using any reasonable method. If examined by the IRS, the burden of proof is on the taxpayer to prove that the allocation method used was reasonable.

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Related Service

Tax & Business

Related Industry

Real Estate

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Joseph  Mecagni

Joseph Mecagni

Director

  • Tax & Business
  • Boston, MA