Rental Residence - No Depreciation Schedule

[zeros]

New client for me in 2009. He owned rental property in past years but let his daughter live in it for 2009, thus no rental income last year. He rented it out again in 2010 but as far as he knows, he has no individual record of depreciation. The past tax preparer has passed away so doubtful that this information would still be available (I will pursue this angle). If the client can't come up with this info, what are the options in this case/

[BOB W]

Allowed or allowable controls this issue. Recreate depreciation as if it was done correctly and take the current year's depreciation. By recreating depreciation I mean use the date and fmv/cost when it started being used for rental. Past depreciation is lost but you can amend any open years.

I know you don't like the answer but there is no other choice.

[jtclark]

Also...check his previous years returns prior to 2009 and see if you need to amend those returns. This is especially important in that he will need to recapture depreciation for those years that he was entitled, without regard to wether or not he took advantage of it.

[Kram BergGold]

IRS is your friend

File an extension and request copies of back returns from IRS.

[jimenright]

Shoukl be converted

to personal use when the daughter moved in. It is not available for rent. It is not a rental. No depreciation. Amended return?

[zeros]

Depreciation in Prior Years

Also...check his previous years returns prior to 2009 and see if you need to amend those returns. This is especially important in that he will need to recapture depreciation for those years that he was entitled, without regard to wether or not he took advantage of it.

As I understand it, depreciation was taken in prior years, but no rental received in 2009 because of personal use. My main concern is getting the depreciation schedule so I can prepare his return for 2010 and subsequent years. Should have clarified this.

[BOB W]

As I understand it, depreciation was taken in prior years, but no rental received in 2009 because of personal use. My main concern is getting the depreciation schedule so I can prepare his return for 2010 and subsequent years. Should have clarified this.

You should create your own schedule, if you know basis, land, building and date placed in service.