14 results in 0.0015 seconds.
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Converting assets from Sch C to Sch E
I'm drawing a blank on how to handle this situation and hoping for some help. Sole proprietor owns a building and equipment used in salon business under schedule C for past few years. Partway through the year she switches from actively running the business (providing services and leasing out booth space) to only renting out the building and equipment... -
Foreign rental property depreciation over 40 years?
Our clients own some rental homes and commercial properties in foreign country. In consideration of the depreciation periods are 40 years which include residential and commercial properties, we aren't sure the 40 year, straight line depreciation is correct or not. Can anyone help us in straightening the puzzle? -
Please help!Complicated Auto Depreciation for Mid-Year Sole Prop to S-Corp Conversion
Client's business operated as a Sole Proprietorship through 05/30/16, generating $260,000 in net profits.
On 05/31/16, TP formed an LLC electing S-Corp taxation and proceeded to operate the same business with the new structure, generating 2016 profits of ~$100K after his salary.
On 03/31/16, TP purchased a Tesla Model... -
Depreciation missed on Rental Property for a few years, Can I continue to depreciate?
I have a client who has rental property. Several years ago she had a professional prepare her taxes and the property was being depreciated. Then she started doing her taxes on her own and never continued the depreciation. Now I have them to prepare and don't quit know how to continue the depreciation. I would like to continue depreciating the... -
What Depreciation Method should I use for Bathroom remodel in Rental Property?
Sorry if it's a dumb question.... However I believe it's MACRS.
I'm not sure how many years to depreciate over?
And if I should depreciate each bathroom fixture, such as the vanity, toilet and bathtub? Or the entire remodel, which included walls and doors.
Thank you in advance for any input and help. -
Section 179 Questions
My client owns a retail shop that sells outerwear and equipment. He owns the building that holds the shop and leases to another tenant within the same building. In 2016, he added a bathroom to the space one of his tenants leases. He also purchased a $35,000 truck for business use and he also added a bathroom to the building. He would like to Section... -
Sale of Former Residence Converted To Rental
Hypothetical situation that is mirroring a real-life client situation:
Purchase residence for $250k in 2006
Convert it to rental in 2009 when FMV is $150k
$20k of accumulated depreciation taken during the rental period from mid 2009 to mid 2015.
Property sold in 2015 for $200k after expenses.
Is there... -
Residence -> Rental -> Residence -> Now Rental Again: Basis For Depreciation
This seems to be my year for complicated house-related transactions. Here's the latest... Home purchased in 2004 as residence. Converted to rental in 2009 for two years. Converted back to residence in 2011 and then converted back to rental in 2014. Purchase price in 2004 was higher than FMV at the time of the conversion to rental in 2009 so the... -
Cattle Leasing & Replacement
Looking for some confirmation or further direction on some questions that my client has raised regarding a cattle lease arrangement.
Client leases 55 head of cattle and they get paid for feeding, breeding, and taking care of the animals. At the end of the lease 8 cows have died or need to be culled. The lease agreement requires that... -
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... -
Partnership Return - Special Allocation of Depreciation
Okay, the operating agreement for a partnership-taxed LLC allocates all depreciation associated with property financed by a recourse loan to the member who cosigned for the loan. I can see from IRS Audit Guide for partnerships that this arrangement is perfectly reasonable (it's cited in Example 6-1 of the 2007 edition), but I want to be sure that... -
Marina - depreciation life for standpipe and fire curtains?
My client has a marina with numerous covered slips. The fire department initiated a new code so that my client had to then design and have installed standpipes that run along the docks. Another requirement was that fire curtains be installed between each boat slip. The cost was steep, particularly for the standpipe. I'm searching for some guidance... -
Discrepant prior depreciation
I fairly frequently get new clients with rental property for which the prior depreciation shown for the building is significantly more or less than what would have been calculated from the original basis. When I feed this prior depreciation into my software, it calculates an adjusted basis and then depreciates that adjusted basis over the remaining... -
Center Pivot Irrigation Expenses
My clients are considering installing irrigation on a quarter of land. According to Pub 225, Irrigation systems and water wells can be depreciated if their useful life can be determined. Pub. 946 says land improvements are 15-year MACRS. Couldn't find anything regarding S179, so that looks like a no.
Am I missing something? I sure...