1. Determine your property's cost basis. Typically, the basis is what you actually paid for the property, including all closing costs..
2. Allocate your basis between the depreciable condo, and the non-depreciable land on which it sits.
3. Divide the property's cost basis by 27.5 to find your annual depreciation allowance.
1. Determine your property's cost basis. Typically, the basis is what you actually paid for the property, including all closing costs..
2. Allocate your basis between the depreciable condo, and the non-depreciable land on which it sits.
3. Divide the property's cost basis by 27.5 to find your annual depreciation allowance.
thank you, i purchased the condo for 315000 Turbo is calculating depreciation at 24000 each year, is this correct? if you divide 315000 by 27.5 you get half of this amount thanks
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IN 2010 TO MY SON , HE LOST HIS JOB SO IN 2015 AND 2016 I PAID THE MORTGAGE AND ASSOC, IS THIS CORRECT
It seems like you entered something wrong. It may be in you best interest to go to a tax professional so he can look at all of your tax returns since 2010 and see what can be corrected.
Also, if your son is living there and not paying Fair Rental Value, it can't be deprecated for those years.