Welcome Guest. Register Now!  


For 2014 Tax Tips For Year 2014.


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-24-2015, 11:42 PM
Junior Member
 
Join Date: Feb 2015
Posts: 1
Question How to depreciate this rental unit.

To whom it may concern,

Since our mother passed away and we don't want to sell the property nor are any of the five of us now ready to purchase the property, we have put it up for rent. We purchased the property from Mom in the year 2000 for $1.00. (although the county assessment office lists the sale at 0) Deed Book/Page: 1493/732 Sale Date: 3/1/2000 Sale Amount: $0.00 My father built the house as the kids arrived in the 40's and 50's and never had a mortgage.

How is such a rental property depreciated?



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
Ads
Reply


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
On which schedule to depreciate a step-up paxsonstore Rental Real-Estate 3 02-11-2015 02:49 PM
How to depreciate: different year placed in service artm Rental Real-Estate 1 03-06-2014 11:14 PM
where to depreciate home office remodel? recordingboy Depreciation 1 03-16-2010 12:45 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