Is my rental property considered an Asset? If so, do I need to include it in the section where it asks about depreciation of assets?

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Is my rental property considered an Asset? If so, do I need to include it in the section where it asks about depreciation of assets?

Yes ... you MUST depreciate the home per the IRS regulations ... it is not an option.

Is my rental property considered an Asset? If so, do I need to include it in the section where it asks about depreciation of assets?

Okay, thanks. If the property was gifted to me, how would I correctly fill out the COST section if I had not paid for any of it?

Is my rental property considered an Asset? If so, do I need to include it in the section where it asks about depreciation of assets?

The basis in a gift is the gifter's basis so ask them.

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