- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Depreciation Expense.
In 2018, I rented my condo starting December 1, as my wife went back to Peru to be the caregiver for her parents. The rental income basically covers all my fixed expenses and I make before taxes about $150 a month. My only other income is from pensions. The new tax laws increase the standard deduction for married couples to $25,000. This is about $10,000 more than if I itemized my expenses. I'm also allowed I believe to use my mortgage interest and real estate taxes against this income since the standard deduction is a credit and I'm not double counting. Do I have to declare the depreciation expense since I owe $0 in taxes and it provides no benefit but could be a liability when I sell the condo?
‎October 9, 2019
4:32 PM