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Old 04-21-2016, 05:33 PM
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Depreciation on rental converted to primary home and then converted back to rental

Hello,

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 !

Black



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