No Depreciation was taken on room rental in taxpayer's home that was reported on Sch E for the last 10 years.
I'm their new tax pro and am taking catch-up depreciation 481(a) adjustment...
When filling out Form 3115, it asks the questions in Part II Line 4, "Did they taxpayer cease to engage in this business?"
Well,...
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Catch up depreciation - form 3115 question on ceasing to engage in business...
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Rental Property Appliances & the TPRs
Sorry for the dumb question...
An appliance purchased for a rental property (washer/dryer, refrigerator, stove, etc.) is still considered an asset that is separate from the building and should be depreciated on its own, right? The new regs have no impact on these if I understand them correctly. The alternative would be to treat these... -
TPRs, Real-World Small Potatoes Situation, Rental Property
Simple situation on the surface. Yet it makes it clear that I have know idea how to handle even the simplest situation. Maybe if we do a few of these, we can reach consensus on how to treat the common stuff we're going to deal with. Here goes:
Client has one rental property (single family house, $70k basis, $50k allocated to the building...