Residential Rental Property - Section 168?

[ruthc]

I really think my mind is braking down after so many years of taxes. I need to know the code section for depreciating residential rental property. I know there is a letter/s after the number. I believe it is section 168 (?????). Can someone please enlighted my brain? Do you know where I can look this up myself? Thanks a lot for any info!

[New York Enrolled Agent]

I really think my mind is braking down after so many years of taxes. I need to know the code section for depreciating residential rental property. I know there is a letter/s after the number. I believe it is section 168 (?????). Can someone please enlighted my brain? Do you know where I can look this up myself? Thanks a lot for any info!

See if §168(b)(3) is what you want.

[ruthc]

Can't find info

Thanks for the info, but I can't find anything on section 168(b)(3).

[New York Enrolled Agent]

Thanks for the info, but I can't find anything on section 168(b)(3).

I'm not sure if I'm amswering your original question but here is part of §168(b)(3)

(3) Property to which straight line method applies
The applicable depreciation method shall be the straight line method in the case of the following property:

(A) Nonresidential real property.
(B) Residential rental property.
(C) Any railroad grading or tunnel bore.
...

[taxea]

I really think my mind is braking down after so many years of taxes. I need to know the code section for depreciating residential rental property. I know there is a letter/s after the number. I believe it is section 168 (?????). Can someone please enlighted my brain? Do you know where I can look this up myself? Thanks a lot for any info!

26 USC § 167 - Depreciation

[smithtax]

Agree with esteemed colleague from New York

IRC § 167(b) Cross reference

For determination of depreciation deduction in case of property to which section 168 applies, see section 168.

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IRC §168(b)(3) Property to which straight line method applies

The applicable depreciation method shall be the straight line method in the case of the following property:

(A) Nonresidential real property.

(B) Residential rental property.

[ruthc]

Thank you

Thank you very much. I will use the 168(b)(3).
I need it to complete the Form 3115, Schedule E, item d which asks for: The depreciation method of the property (which is the residential rental property) including the applicable code section (e.g. 200% declining balance method under section 168(b)(1).
Thanks again! I feel like I am getting "brain dead". I imagine I will definitely be dead after this tax season!

[VT-EA]

Cornell is the site to get the IRC

Just change the '167' to whateverr you need to see.

http://www.law.cornell.edu/uscode/text/26/167