I tried this a few days ago and received no responses so will try again and simplify my question.. Maybe with a weekend, someone will have time to respond! I'd appreciate any input from some of you experts out there!
Client has owned a 2nd home for a few years (never her principal residence). She has been trying to sell, needed some money so rented it for about 6 months in 2009. Should I depreciate it? (My gut feeling is "no")
Then, a followup question: In 2010, she rented it for about one more month and then returned it to the bank...so will have to deal with COD and sale of home next year. So second part of my question, will she be able to take a loss on 2010's return. (The market being what it is, there will definitely be no gain!)
Client has owned a 2nd home for a few years (never her principal residence). She has been trying to sell, needed some money so rented it for about 6 months in 2009. Should I depreciate it? (My gut feeling is "no")
Then, a followup question: In 2010, she rented it for about one more month and then returned it to the bank...so will have to deal with COD and sale of home next year. So second part of my question, will she be able to take a loss on 2010's return. (The market being what it is, there will definitely be no gain!)
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