Welcome Guest. Register Now!  

LinkBack Thread Tools Search this Thread Display Modes
Prev Previous Post   Next Post Next
  #1 (permalink)  
Old 04-21-2016, 05:33 PM
Junior Member
Join Date: Apr 2016
Posts: 4
Depreciation on rental converted to primary home and then converted back to rental


I need help calculating the depreciation basis for a home we purchased in 2000 and rented out immediately. The purchase price was 179K, I can't remember what the land was but the accountant at that time calculated a depreciable amount of 174,157. We deducted depreciation in the total amount of about 25,000 in the 4 years it was rented before we moved in.

We moved into the house in 2004 and improved the home by about 23,000 in the 12 years we lived there. We do not have all of the receipts for the improvements so i dont know if they count. We added a screened porch and remodeled the kitchen and upgraded all floors. etc.

In 2015 we moved out and converted it back to a rental. I don't know how to calculate the basis, do I just continue with the 174157 we had and depreciate only for 23.5 years remaining until we use it all up, and depreciate the improvements separately? or, do i have to reduce the basis by the 25K depreciation already taken up until 2004?

This is so confusing, thank you for any help you can provide. Thank you !


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
Depreciation Basis - Orig price or FMV at time converted to rental? shoe Rental Real-Estate 5 04-08-2014 06:04 PM
Converted rental to primary home mytaxes2013 Rental Real-Estate 1 02-18-2014 02:45 AM
Rental property converted to second home bukaspop Itemized Deductions 1 02-16-2014 10:23 AM
Rental converted to primary -how to handle loss on sale Kingfasi Rental Real-Estate 0 04-10-2012 11:11 PM
Capital Losses of Home Converted into Rental Property garllh Rental Real-Estate 4 07-20-2011 01:29 PM

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

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