Can I stop depreciation once I start on rental income Hello,
I rented my home since 2010 and claimed depreciation on 2010 taxes since I had positive income. Since then I moved outside of US in 2010 and my foreign income is excluded. In 2011, I breifly did have possession of the property since there was a gap between renters. For my 2011 taxes, my US income is close to zero(almost all is foreign income) and hence not taxable through exclusion- rental income just offsets taxes, maintainence and mortgage interest.
1. If I claim depreciation on 2011, I show -ve AGI. In Turbo tax there is no option to stop depreciation. Can I stop claiming depreciation in 2011 as it does not give me benefit and when I sell the house I have to account for it ?
2. Different topic: Do I need to file state taxes since the house I own is in IL ? I was told if I am filing Fed, I need to file state as well.
Thanks much. |