Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
robert_lewis_333
New Member

Do I have to take depreciation, since I am not getting the deduction and my other rental expenses cover the rental income?

 
1 Best answer

Accepted Solutions
Coleen3
Intuit Alumni

Do I have to take depreciation, since I am not getting the deduction and my other rental expenses cover the rental income?

Yes, you are required to take depreciation, even though you income level forces a carryover of your loss. Whether you take it or not, you will have to recapture the amount of depreciation allowed or allowable upon the sale.

View solution in original post

4 Replies
robert_lewis_333
New Member

Do I have to take depreciation, since I am not getting the deduction and my other rental expenses cover the rental income?

I bought the rental property this year and have a loss $3500 which is not deductible because income is over $150,000.  My other rental expenses exceed the rental in come so I don't need the depreciation
robert_lewis_333
New Member

Do I have to take depreciation, since I am not getting the deduction and my other rental expenses cover the rental income?

Can owning a single rental unit be considered QBI? Will it do any good since it is a loss.
Zbucklyo
Level 9

Do I have to take depreciation, since I am not getting the deduction and my other rental expenses cover the rental income?

Even if it qualified for QBI, it doesn't matter since you had a loss on the rental.
Coleen3
Intuit Alumni

Do I have to take depreciation, since I am not getting the deduction and my other rental expenses cover the rental income?

Yes, you are required to take depreciation, even though you income level forces a carryover of your loss. Whether you take it or not, you will have to recapture the amount of depreciation allowed or allowable upon the sale.

Dynamic AdsDynamic Ads
Privacy Settings
v