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Old 03-21-2018, 04:32 PM
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Depreciating rental property - take two

Back in 2009, i moved out of my home and converted the place into rental property. I started depreciating the property in tax year 2010. In 2011, I moved back into the home and stopped taking the depreciating deduction.

In the summer of 2017, I again moved out of the home and re-rented it.

I would like to restart taking depreciation deductions on the property but i am not sure how to go about doing so.

Do I take a depreciation deduction for this rental on my 2017 return?
Do I use the the original depreciation schedule i filed with the IRS back in 2010 or must I file a new depreciation schedule with form 4562?

Any help is most appreciated.



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Old 03-22-2018, 03:05 AM
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Do I take a depreciation deduction for this rental on my 2017 return?=====>Correct; since the house was placed in service (that is, ready to be rented ) in the summer of 2017, you would begin to depreciate the house from the summer and need to report the expenses on your 2017 return.




Do I use the the original depreciation schedule i filed with the IRS back in 2010 or must I file a new depreciation schedule with form 4562?==========>>Correct; since the pty was placed in service after 1986, it is depreciated using the MACRS method over 27.5 years, the amount of time the IRS considers to be the ?useful life? of a rental property.



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Old 03-22-2018, 08:49 AM
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So then no need to fill out a new 4562 form, right?



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Old 03-22-2018, 08:05 PM
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Quote:
Originally Posted by alcolom View Post
So then no need to fill out a new 4562 form, right?
as said it depends;I guess you need to submit Form 4562 to figure your biz related deduction for depreciation and amortization by attacing the Form to your tax return if you are claiming any of the following items;
A section 179 deduction for the current year or a section 179 carryover from a prior year. Depreciation on any vehicle or other listed property, regardless of when it was placed in service. A deduction for any vehicle if the deduction is reported on a form other than Sch C of Form 1040 or Sch C-EZ of Form 1040



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