Tuesday, April 1, 2008

Biggest Loser

I thought that, once our CPA completed the taxes, the total of how much we lost would be clear. Well, it's just not that simple. After seeing what he had to do, it confirmed for me that I would never try to fill out my own returns again (I used to do it before we started buying rentals). It's not just the fact that each of our returns (for various LLC's, state taxes, business, personal, other rental) seem to be 500 pages thick, but they seem extraordinarily complicated this year. We traded four houses for two apartments (not evenly split), and then sold the apartments and cashed out (that's an overstatement for our situation). So, our accountant had to recapture the 1031 funds plus all the depreciation that was taken off for the houses and for the apartments (this is only a guess as to why they were so complicated--if I could articulate it well, then I would have been able to complete the returns myself).

Anyway, I thought we'd have this total that I would be able to pass along to you, but it didn't work out that way. So now my husband, who's running a profitable business, must take time out to add up our losses using his Quick Books program so that I can report them to you on this site that generates zero income. He indulges me so (and that's no April Fools). I hope to have that for you soon, but I make no promises as to when. (Speaking of this site not generating any income, you may be interested in tomorrow's post.)

In the meantime, I've found someone who, I'm sure, lost more money than we did (although our losses were hard cash and his was just on paper).

Do you think we should start a collection for him?