Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 04-24-2016, 10:01 PM
Junior Member
 
Join Date: Sep 2014
Posts: 3
Depreciation Required, Or No Longer Relevant?

Hello,

My parents bought a property in 1965 for $17,000. This property had 2 houses on it. My parents and I lived in 1 house and the 2nd house was rented out. Around 1970 or 1971 my parents bought another property with a house on it and we all moved there and my parents began renting out the 2nd house on the 1st property. My mother passed away in 1984. In 2012 the rental property was sold for $255,000.

At this time my father is aged 93, has dementia, and is being cared for in a nursing home. I am attempting to catch up on my father's tax returns for recent years, in particular the return for the year 2012.

In the past my parents always used tax preparation services, however I cannot locate all the old returns, and my father is really unable to communicate meaningfully with me any more. I find myself getting bogged down on the issue of depreciation.

Can someone assist me with some ideas? If my parents had taken depreciation early on (and I'm not sure about it), would it have been on the original purchase price of $17,000? Do I have to worry about the concept of Depreciation Recapture?

Any help would be greatly appreciated. Many 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
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
Am I Required Who is required to File a Form 1099 or Other Information Return? TaxGuru For 2016 2 03-30-2016 03:33 AM
Depreciation and recapture of Special Depreciation Allowance when converting to personal use? texasadam Depreciation 5 02-17-2013 05:56 PM
AMT implications of depreciation (short and longer-term) types24 Alternative Minimum Tax 4 10-09-2011 12:51 AM
For 2010, Taxpayers with high adjusted gross income, will no longer face phase outs for exemptions and itemized deductions! TaxGuru Itemized Deductions 0 01-29-2011 01:44 PM
When is a couple no longer considered married for tax purposes? TaxGuru Divorce Tax Issues 0 12-08-2009 12:21 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