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Investors & landlords
So long as the property is being used as rental property, you are required by federal law to take depreciation. If you don't take depreciation, then when you sell the property you are required to report the depreciation you should have taken, and pay taxes on it.This increased your AGI and can possibly put you in a higher tax bracket.
So did you sell the property in 2019? Maybe you converted it to personal use as your primary residence or 2nd home in 2019? If you stopped renting it out in 2019 let us know and we'll give you guidance on how to report it's conversion to personal use, so that depreciation will stop on the date of conversion to personal use.
March 26, 2020
4:32 PM