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Rental Depreciation question
We have a situation where a client rented a trailer for 3 years then stopped the rental activity no one lived in it. Now they are renting it out again. It had been depreciated for 15 years. My question is do you just start back up taking the 3 years off and depreciate for 12 years as well as record the amount of depreciate already taken on the form.... -
2 brothers own a rental house, want refinance but my client has bad credit
2 brothers own a rental house, they want to refinance they have a real good deal.
The catch is one brother needs to be removed from the mortgage because of bad credit to get the deal.
The brothers are close and will continue sharing income expenses and the work at the rental.
Right now he is averaging about 5,000 of income per...