TP buys a house for flipping back in 2008 but still owns it. Never rented it nor lived in it. Never had a client who just purchased a house and never rented it or nor lived in it.
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Is this a deprecable asset?
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Vote "no"
Originally posted by AZ-Tax View PostTP buys a house for flipping back in 2008 but still owns it. Never rented it nor lived in it. Never had a client who just purchased a house and never rented it or nor lived in it.
Hopefully the house (at least in theory) qualifies as a "second residence" ?
I don't see any way depreciation could be a factor here.
FE
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What about owning 3 house to be flipped?
Originally posted by FEDUKE404 View PostWeird situation. Your client must have lots of $$ to fling around.
Hopefully the house (at least in theory) qualifies as a "second residence" ?
I don't see any way depreciation could be a factor here.
FE
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Reason to depreciate is ? ?
Originally posted by AZ-Tax View PostAssume a TP is a house flipper and purchased 3 residential houses. Never rented nor lived in any. Would any of the houses be depreciable?
FE
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Maybe that is the question, is it considered a business?
Originally posted by FEDUKE404 View PostJust curious, whether one or three houses, how would you plan to legitimize depreciation on any non-business asset ? ?
FE
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Originally posted by AZ-Tax View PostAssume a TP is a house flipper and purchased 3 residential houses. Never rented nor lived in any. Would any of the houses be depreciable?"You said it, they'll never know the difference. Come on, we'll paint our way out!" - Moe Howard
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He does again via repo
Originally posted by taxmom34 View Postoriginal post you said he still owns this house. now he sold it on an installment sale in 2014? is this same house?
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