Investors & landlords

Hi Carl, 

    Thanks for your reply. 

    I'll try to get a CPA. 

    I didn't do the depreciation for the past 3 years, actually, I pay more tax for that. 

    So if I correct it now, I'll get more refund, right? Will I get "penalty" cause I pay more tax than what I need to?

    I read from other posts said, if we didn't claim the depreciation, that's our "lost". You need to pay the recapture depreciation tax anyway when you sell the house. That's why I think I can do it next year to fix it. (I read this from other posts, too)

    About the 37 years, I didn' manually input "37". Please see the attached the pictures.  

    BTW, I tried to figure out how TT get "37", so I do some experiment. If I change Date I started using it in this business to "01/01/2015", TT will distribute the depreciation to the following "36 years".

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    Besides, do you have any comments about how to get the depreciation basis?

        About the house value, I'd like to give you more information to make sure. 

        The foreign county has separate property tax bills. One for the tax of land in November, another for the

        tax of the house in May. 

        In 2016, the house tax bill shows the taxable house value is 5,000. The land tax bill shows the taxable

        land value is 65,000. There are no total values for the property. That's why I use

        5,000/(5,000+65,000)=7% to get the house value is around 7% of the property, which is 35,000.