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Old 02-27-2014, 03:08 PM
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How to depreciate: different year placed in service

Hello,

I purchased a rental property July 2013. I received some rent from existing tenants for one month ($1900), whereupon the property became vacant and I began to work on it. Tourbotax shows about $37K worth of expenses and depreciation.

I expect to have it ready for rent in 2014.

My other income is from Sch C and capital gains.

Questions:

1. do I list expenses in 2013 although the property wasn't placed in service until 2014?

2. what do I use for the service date on depreciable assets - property, appliances, other improvements?

3.how should I take this loss? In 2013 or 2014 when the property is placed in service? Do I lose any of this loss or will it carry forward to offset additional rent?



Thanks!



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Old 03-06-2014, 11:14 PM
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Join Date: Feb 2014
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Any help is appreciated...



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