topic How do I alocate investiment property that used to be in the schedule E. Its a rental property now paid off, and how to continue the depreciation of it? in Investors & landlords

How do I alocate investiment property that used to be in the schedule E. Its a rental property now paid off, and how to continue the depreciation of it?

milabiju — Mon, 03 Jun 2019 20:18:19 GMT

Paying off a loan on a rental property only effects the i...

view2 — Mon, 03 Jun 2019 20:18:20 GMT

Paying off a loan on a rental property only effects the interest as a rental expense.

You do not have any to expense.Nothing else on the Schedule E is effected.

Let's see if I get that. I'm not deducting the interest b...

milabiju — Mon, 03 Jun 2019 20:18:21 GMT

Let's see if I get that. I'm not deducting the interest because I wont have it anymore, but what about the expenses that I have with the property, such as supplies, maintenance , energy, water and others common to the business?

It is still a rental property [as long as you use the pro...

view2 — Mon, 03 Jun 2019 20:18:23 GMT

It is still a rental property [as long as you use the property for rental activity] for Schedule E and depreciated 27.5 years from date placed in service .You can have a rental property that has been paid off and fully depreciated and still have rental income and expenses on a active rental property that is reported on Schedule E.

You have operating expenses for the rental property as long as it is maintained in that activity.