All Forum Posts by: Jane Dang

@Michael Plaks, thanks so much.  I got it correct now.  I used Turbotax, when I selected correct boxes, it calculated by itself.  I uploaded screens here in case anyone need its.  Many thanks to you Michael.

@Michael Plaks I am doing tax for 2023. I filed an extension for last year.  Is 2023 the same as 2024? Could you please point me to the official source so I can save it up for auditing purpose? If once day I get audit, I can't tell IRS, well I learn it from BiggerPockets forum :-). Thanks!

Thanks @Michael Plaks. It appears that you recommend depreciation for 15 years just to be safe. I attempt to study what you mentioned in your earlier response—60% bonus depreciation upfront, 40% over the course of 15 years.  Does the "60% bonus deprecation in the same year" means write off 60% in a single year? where can I learn more about bonus depreciation?  Thanks, Jane

I appreciate all of your suggestions. Although many of you are CPAs or tax professionals, I find conflicting information. It appears that there is no obvious process for claiming this fence. If I see a CPA, I wonder if he will follow his own advice and how I will know if he is correct when other CPAs disagree. I feel as though I'm stuck.

@Henry Clark, The property is located in California and has a market value of $1.7M. Since it's easy and advantageous to write off in the same year, It is easy for me to be consistent in that manner, but I don't think we have that choice, we have to follow what IRS allowing.

@Sean Graham, I looked up section 179 but it seems fence is not in the list of qualified items.

Hi,

My rental property is a single-family home. I had to replace the fences after a strong storm last year, which costed $4200 in materials and labor. Is it possible for me to declare it as a repair and deduct the expense in the same year? It was not a newly constructed fence to increase the value of the property; rather, it was a replacement for an old, damaged fence due to nature disaster. If my logic is faulty and I have to perform deprecation, could you please advise me the number of years that a fence has to be depreciated?

Thanks,

Jane

@Malik Javed, my rental is a SFH, not nonresidential and it has been renting for about 22 years. I have depreciated the house for about 20 years. Since you said 179 is only for nonresidential, does it seem that it won't be qualified?

Here is the scope of my roof work.  @Bill Hampton said above, the cost for repair should be less than $2500.  My cost is $21K.  Do you still think I can qualify for repair?

Thanks,

Jane

@Randall Tannen  could you please clarify what you meant by "non-residential real estate"?  My rental is a single family home.  How can I take a 'partial disposition on the old roof'? Could you please elaborate the calculation?

Thanks,

Jane

@Michael Plaks based on the link you sent, it seems I can do some expense and some depreciation if I know how to categorize it correctly.  Depreciation 27.5 years is a safe solution but I wonder if a tax pro can help me doing it right and save me some money? or you said my hypothesis is wrong, it has to be depreciate 27.5 years and no other choice.  Please advise. 

@Michael Plaks, information on the link you sent was very helpful but as you said, I can't get a clear picture what I need to do on my tax. I need help from tax pro but I can't afford a lot.

If anyone out there can help me figure out this piece with a small fee, please let me know.

Thanks,

Jane.

In California, insurance companies are very tough now. I have never claimed anything and still they gave me a lot of challenges when it time to renew.  I imagine if I claimed the roof last year when I replaced my rental roof, they would kick me out by now.