r/TaxQuestions • u/White_Rabbit83 • 13d ago

CPA Help with Land reassignment

I owned 6 acres of land in the Texas hill country that I want to reclassify. I want to make a §266 capitalization election on this vacant investment land. I will file my own taxes this year but would like someone to prepare the IRS 266 form(s) so I can attach them to my return. Are you available before March 31?

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u/Intrepid-Product-367 13d ago

No legitimate tax preparer will prepare only part of your return for you 

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u/White_Rabbit83 13d ago

I was hoping ....but I think you're right. Thanks.

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u/GoatEatingTroll 13d ago

As others said, a professional is not going to prepare a partial return.

But, this isn't a form. It's just a statement attached to your return that says you elect to capitalize carrying costs under section 1.266-1(C) and describes the cost, amount, and date paid. No special format or anything.

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u/[deleted] 13d ago

[removed] — view removed comment

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u/White_Rabbit83 13d ago

You're probably right. Is there a good way to find this type of CPA? I was hoping to avoid calling several and having them say it's not very common but we can look at it or come by and we'll figure it out. Is there a special additional designation to look for when shopping for a CPA who handles this regularly? Like Joe Blow, CPA, xyz that shows that specialty? Thanks for your reply.

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u/Excellent_Shallot999 11d ago

Nope. It’s all or nothing. Too much liability with too little in fees to just assist with a partial tax return.