 Deprec'tion Items/Taxes (by CJ [OH]) Mar 10, 2014 2:45 PM
 Deprec'tion Items/Taxes (by Kyle [IN]) Mar 10, 2014 3:24 PM
Deprec'tion Items/Taxes (by Martin [CO]) Mar 10, 2014 5:43 PM
Deprec'tion Items/Taxes (by David [FL]) Mar 11, 2014 5:17 AM
Deprec'tion Items/Taxes (by marv [IL]) Mar 11, 2014 5:39 AM
Deprec'tion Items/Taxes (by CJ [OH]) Posted on: Mar 10, 2014 2:45 PM
Message:
State Specific Question About: OHIO (OH)
What are some of the items you use when calculating your depreciation on your taxes. As I understand it you can depreciate everything that the rental offers when you purchase it. --64.12.xxx.xx |
Deprec'tion Items/Taxes (by Kyle [IN]) Posted on: Mar 10, 2014 3:24 PM
Message:
You depreciate everything except the land. Start off your HUD-1 for the total you paid. You can use comparable lots or the assessed land value to assessed improvements value to determine the land value (you want the land value to be low on your taxes). Residential rentals are depreciated over 27.5 years, but some items can be depreciated over shorter times on an accelerated basis. You can split out appliances, carpets, window coverings, and other items to be depreciated faster. If you are unsure what you are doing, you may want the assistance of a tax professional who is knowledgeable about real estate taxes. --68.46.xxx.xxx |
Deprec'tion Items/Taxes (by Martin [CO]) Posted on: Mar 10, 2014 5:43 PM
Message:
I highly recommend purchasing the book, "Every Landlord's Tax
Deduction Guide", by Stephen Fishman. It has made all the difference for me. Takes you step by step on how to depreciate each category and the best way to calculate it to maximize your depreciation. Best $27 I have ever spent. --75.166.xxx.xxx |
Deprec'tion Items/Taxes (by David [FL]) Posted on: Mar 11, 2014 5:17 AM
Message:
Just remember if you ever plan to sell you have an automatic 25% tax obligation on ALL the deprecation you ever claimed. It might just be smarter to pay the tax now based on your regular income bracket % or pay the capital gain rate later when you sell. Remember, what the gov't gives with the little hand, they take back later with a big hand. --66.177.xxx.xxx |
Deprec'tion Items/Taxes (by marv [IL]) Posted on: Mar 11, 2014 5:39 AM
Message:
The last comment is not true. You only recapture depreciation if you are using an accelerated method.
MACRS and straight line are not an accelerated methods. You do not have to recapture depreciation at 25% rate. --173.15.xx.xxx |
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