Welcome Guest. Register Now!  



 
 
LinkBack Thread Tools Search this Thread Display Modes
Prev Previous Post   Next Post Next
  #1 (permalink)  
Old 02-27-2014, 03:08 PM
Junior Member
 
Join Date: Feb 2014
Posts: 2
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!



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
 


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
where to depreciate home office remodel? recordingboy Depreciation 1 03-16-2010 12:45 PM
Do I take deduction in year of service or year paid egmacrae Medical 0 01-17-2010 02:00 PM
How many years do I have to depreciate my Residential Rental Property? RachelBrown Depreciation 1 04-24-2008 11:29 AM
How can a business depreciate used furniture and equipment? nilbos Depreciation 1 02-07-2008 05:39 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.