My mother called me urgently yesterday.
Mom: "Did you meet with your accountant yet?"
Me: "Yes, I gave him all the paperwork."
Mom: "Did you tell him that he can deduct the 27-year depreciation of your rental property against the rental income?"
Me: "I mentioned it, but I'm sure he knows about it."
Mom: "Maybe he's just a Silicon Valley accountant who knows about stock options, but not about rental properties."
Me: "He asked for my mortgage closing statement and knew he could deduct the points, and he talked about 27-year depreciation. He's been a tax accountant for over 20 years, so I think he knows what he's doing."
Mom: "But you should still go and show him the 1040 form where on line 17 --"
Me: "Okay, what you're suggesting now is equivalent to going to a 4-star restaurant and then insisting on going back to the kitchen. Then we stand behind the chef and give him orders, 'Put in a little more oil.' 'Add salt now!'"
She laughed heartily and to my pleasant astonishment, dropped the issue.
Sunday, March 19, 2006
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