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Updated almost 11 years ago on . Most recent reply
Unintentional landlord... do I depreciate?
Hoping from some help from this excellent BP community, since I am doing my own tax return. It is usually very simple for me.
I purchased my condo in 2006. Permanent residence until military transfer in 2010. I have rented the property since 2011, but have never deducted property deprecation on my tax return. Should I?
If so, how do I calculate the property depreciation for 2013? The purchase price in 2006 with in-service date of 2011? Purchase price in 2011 with in-service date of 2011?
I plan to sell the property when the market returns, hence the "unintentional landlord."
I do not have any other investments (properties).
Please PM if you wish to take this offline.
Thank you.
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Many people are hesitant to hire professionals, because they charge a bit more than they are comfortable with. A bill of $400 or so seems "uncomfortable". But it's like getting on a roller coaster the first time ... a bit uncomfortable, but once you do it, you'll generally be glad you did. You might even go back.