Hi Carl,
Thanks for the reply. I think the LLC accountant did not show the income from the tenant every year and did not show the insurance premium as an expense because it just washed. But in 2022 it becomes an issue because there is now no more insurance premium to be paid, even though the tenant was reimbursing the LLC for the full insurance premium paid in 2021. I guess it'll just be more income and the LLC cannot take the insurance premium expense in 2022 becasue it was actually paid in 2021. It's too bad that the account did not question this every year. I guess he relied on the manager's figures, which were wrong to begin with. Thanks for the insight!!!!
