Depreciation on Rental

Collapse
X
Collapse
 
  • Page of 1
  • Time
  • Show
Clear All
new posts
Previous template Next
  • ruthc
    Senior Member
    • Jan 2012
    • 433
    #1

    Depreciation on Rental

    A client has an apt house bought 5 yrs ago. First few yrs did not rent because the had repairs to the house before tenants were able to move in. No depr was taken. Had tenants in 2010 forward. Still no depr taken for 2010. I want to depr for 2011. What method of depr would be used? (residential rental MACRS 27.5 yrs?)
    Last edited by ruthc; 02-12-2012, 09:52 AM.
    Tags: None
    • MilTaxEA
      Senior Member
      • Mar 2011
      • 203
      #2
      27.5 SL MACRS

      Amend last year's return to take the depreciation. Otherwise they will lose it unless they filed a Form 3115 sometime in the future.
      Michael

        Comment

        Previous template Next

        Disclaimer

        Collapse

        This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.

        Working...