Tax assistance needed-depriciation of rental property
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Thread created 03-12-2012 by robintrade
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You are right, that is what i was thinking but wrote it out as depreciation
Tax assistance needed-depriciation of rental property
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Thread created 03-12-2012 by robintrade
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17 Replies
2,677 Views
Also remember that the depreciation you can claim is limited by your gross income unless
you are a real estate professional.
I am not sure if the depreciation recapture is limited/subject to any...
Tax assistance needed-depriciation of rental property
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Thread created 03-12-2012 by robintrade
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You have several issues going on that need to be addressed and like it has already been said, you need a good CPA to help you get this straight.
(I'm using very general terms and numbers just to...
Tax assistance needed-depriciation of rental property
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Thread created 03-12-2012 by robintrade
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Ok-
Bought a house in 2004 and lived in it as primary residence until 07/2007. I purchased a 2nd home and moved into the new one at that time. Original house became a rental property.
Over the...
Tax assistance needed-depriciation of rental property
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Thread created 03-12-2012 by robintrade
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for your roof yes you have to depreciate your roof. the life span for your roof
would be same as your rental property which is 27.5 years.
1- you dont get taxed on anything you depreciate.
2-...
Tax assistance needed-depriciation of rental property
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Thread created 03-12-2012 by robintrade
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Silenze,
Every “local tax assessment” has their own methods how they do it.
Gray22,
PLEASE! Let a professional do it for you so you will save money!
Tax assistance needed-depriciation of rental property
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Thread created 03-12-2012 by robintrade
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17 Replies
2,677 Views
Silenze,
Every “local tax assessment” has their own methods how they do it.
Gray22,
PLEASE! Let a professional do it for you so you will save money!
Tax assistance needed-depriciation of rental property
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Thread created 03-12-2012 by robintrade
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Thanks for the replies. Being a true SDer, I have always done my own taxes to save some coin. I am for sure going to seek the help of a pro this year.
Tax assistance needed-depriciation of rental property
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Thread created 03-12-2012 by robintrade
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If you want to pay the least amount of tax legally allowed, then, without question, you need to have a CPA do your taxes for you.
Tax assistance needed-depriciation of rental property
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Thread created 03-12-2012 by robintrade
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The basis for rental property is the lower of the purchase price or the FMV of the property on the date placed in service.
$10K per year in depreciation seems a little high to me.
If the basis...
Tax assistance needed-depriciation of rental property
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Thread created 03-12-2012 by robintrade
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I am in a similar situation where I bought a multi family house in 2010. So the data placed in service would be 2010. I rent out 50% of this property.
So the property basis for depreciation would...
Tax assistance needed-depriciation of rental property
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Thread created 03-12-2012 by robintrade
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Well, unfortunately, I have no idea on how to figure that amount:(
Tax assistance needed-depriciation of rental property
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Thread created 03-12-2012 by robintrade
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from your local tax assessment. they break it down into land value and improvements (house)
Tax assistance needed-depriciation of rental property
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Thread created 03-12-2012 by robintrade
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Thank's, but I have no time to look for the real professional and don't really want to just pay money for something that I could do myself.
Could you share a good advice on this issue?
Tax assistance needed-depriciation of rental property
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Thread created 03-12-2012 by robintrade
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I wonder how I could determine the value of the land to get the correct amount to use for the depreciation?
Tax assistance needed-depriciation of rental property
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Thread created 03-12-2012 by robintrade
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Thank you.
Tax assistance needed-depriciation of rental property
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Thread created 03-12-2012 by robintrade
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2,677 Views
Since all you paid out of pocket was everything but the roof you have 5 year property. Use the half year convention (since it will be better for you) on the property. That is your deduction for...
Tax assistance needed-depriciation of rental property
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Thread created 03-12-2012 by robintrade
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It's not the depreciation that is limited by your Adjusted Gross Income, it's the passive rental losses your can deduct that are limited by your AGI.
