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re: Is anyone here an expert on depreciation of rental property after it's sold?
Posted on 2/13/17 at 2:32 pm to Rust Cohle
Posted on 2/13/17 at 2:32 pm to Rust Cohle
Depreciation is "allowed" or "allowable".
It is not what you actually deducted on a tax return, it is what would have been allowed regardless of whether you deducted it or not. Your failure to deduct allowable depreciation reduces your basis.
It is not what you actually deducted on a tax return, it is what would have been allowed regardless of whether you deducted it or not. Your failure to deduct allowable depreciation reduces your basis.
1
Posted on 2/13/17 at 2:44 pm to JDCPA76
Excellent point, and why a CPA would not be a bad idea to consult. Make sure you actually took the deductions in the past an amend returns if necessary.
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