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Investors & landlords
No, when you amend the 2015 tax return, you need to see how much depreciation will be taken on the 2015 tax return for the house (if that is the ONLY thing being depreciated, it will be the amount on Line 18 of Schedule E). Then you enter that amount for the 2016 "prior depreciation".
As a side note, because the Fair Market Value was lower than the Cost, when you eventually SELL the property, you may have some special procedures to do. You may want to ask a question here, do some research, and/or bring it to a tax professional whenever that happens.
As a side note, because the Fair Market Value was lower than the Cost, when you eventually SELL the property, you may have some special procedures to do. You may want to ask a question here, do some research, and/or bring it to a tax professional whenever that happens.
May 31, 2019
7:03 PM