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I have one depreciation item (a fence). I started a new TT file and did not mention the duplex or did I split any of the expenses like I did in the past (i.e. taxes, insurance, maintenance, etc).
I'm not sure the proper way to file this? Using my old tt, but not have any income, show the fence, and not split the taxes, insurance, etc? Or should I just start a new file and not mention the other side at all?
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If you are merely providing 1/2 to a family member rent free you don't report it. Interest and real estate taxes for both sides would be reported on your schedule A. If previously reported as rental, make sure you identify the rental as discontinued as items such as fence depreciation would no longer be deductible.
If you are merely providing 1/2 to a family member rent free you don't report it. Interest and real estate taxes for both sides would be reported on your schedule A. If previously reported as rental, make sure you identify the rental as discontinued as items such as fence depreciation would no longer be deductible.
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