Posted byMessage
OnTheBrink
Alabama Fan
TN
Member since Mar 2012
3423 posts

IRS Form 8828 - Recapture of Federal Mortgage Subsidy


Anyone have experience with this?

Apparently, it needs to be sent in with your 1040. Can I do them separate? For instance, use turbo tax to file my 1040 then send it in once I have an accountant take a look at?







Back to top
Share:
Poodlebrain
LSU Fan
Way Right of Rex
Member since Jan 2004
14387 posts

re: IRS Form 8828 - Recapture of Federal Mortgage Subsidy


quote:

Can I do them separate?
No, the Form 8828 is an attachment to Form 1040 detailing the computation of a specific amount of tax. It gets reported on Line 60 with the code "FMSR".






Back to top
OnTheBrink
Alabama Fan
TN
Member since Mar 2012
3423 posts

re: IRS Form 8828 - Recapture of Federal Mortgage Subsidy


Thanks! Sounds like you just saved me a big headache! Any recs on what to look for in an accountant? I have never used one before.

Also, what should the price tag look like for a basic return (married filing jointly, 2 kids, daycare deduction, interest, rental and some stock income) plus the form 8828? Just ball park it so I have an idea when I get a price quoted.






Back to top
Poodlebrain
LSU Fan
Way Right of Rex
Member since Jan 2004
14387 posts

re: IRS Form 8828 - Recapture of Federal Mortgage Subsidy


The accountant you hire should be someone you are comfortable with because you should plan on using him for many years, and you will share all sorts of condfidential personal information with the accountant over time.

I can't really tell you how much your return should cost to prepare since the return preparation process is not uniform for all accountants. You could hire a firm because you are comfortable with a partner who will do little more than manage the preparation process and review the final product. The actual preparation will be performed by an employee with less experience and lower hourly billing rates. You could hire a sole practitioner who will do the actual preparation at a higher billing rate, but hopefully with greater efficiency due to his experience.

My opinion is that your return will require no less than 4 hours of professional time, but more likely about 6 hours. The accountant will have to review your prior returns to enable him to properly analyze the documents you provide him for the current return. He will have to enter all information that is not importable directly from the source. Once the information is entered the tax preparation software will remember the information in subsequent years, and reduce the amount of information that must be entered saving time and costs for you.

The wild card in your return is the rental property. The better organized you are the less time it will take for the accountant to enter the information for the rental. But the first year return will require the accountant to input the appropriate information for depreciating the property and any assets that that have been segregated from the building.






Back to top



Back to top