All Forum Posts by: Nicholas J.

I just remodeled a 4/2 split level 2400 sq ft, by myself, other then the new furnace and a/c which I hired out...for a grand total of $19,500. Brand new double garage door/ opener, kitchen cabinets/ countertops, 2 vanities and toilets, vinyl planking, carpet, baseboard, trim/molding, interior doors, paint, stain, new Sheetrock tape/texture hallway, light fixtures, outlets, door hardware, repair 15 holes in walls, redid all copper plumbing from meter to fixtures in pex, electrical issues, blinds, stainless steel appliances, window screens, replaced cracked window, that total also includes $350 paint sprayer and misc tools I didn't have, plus hauling the entire gut job via trailers to the dump... 20k isn't outrageous.. I could have salvaged things and saved even more..good luck.. it's rewarding when your done.. especially when you cash out and the bank gives you all your money back. Best thing you can do is take action..have fun!

Wondering if someone can recommend a cpa that knows real estate in the St. Cloud mn area? Thanks in advance!!

Brandon Hall .. thank you for all your help.. I will be getting a new cpa.. in the mean time.. I would like to have my current one who got me in this mess.. file the proper forms to get me back on track at their expense. In talking to them again they aren't finding the tax code when I explain to them why I want to depreciate my property for those previous years because they will be recapturing the depreciation either way when I sell (they said huh.. where did you read that?). Can someone point out what section on the IRS website that states that ..so I can move forward with these guys and then ultimately be done with them. Thank you again..I've learned a lot connecting with knowledgeable people that know their stuff!

Thanks for the help Brandon Hall .. I appreciate it. I called my tax guy this morning with my concerns.. his response was.. yes your not depreciating your rental property... you can depreciate it if you want, but will have a higher tax bill when I sell it in 30 years if i depreciate it... so I researched it some more trying to find the pros and cons. I always came across people saying whether you depreciate it or not.. when you sell, the IRS will assume you depreciated it.. even if I didn't. So to always depreciate it because you will pay the tax either way on a depreciated value. I'm still somewhat confused what route to go if I pan on selling in 30 years. I don't want to be left paying a huge tax bill if i depreciate it now. Thanks for any insight you might have.

So if understanding this right..a $100k property should have a depreciation of $3636.36/year? Would that number be found on line 18? Thanks for the insight

Line 18 says $116 also.. which I traced through my paperwork and is for the new appliances that went into service in 2012.. am I reading this right and not getting depreciation of the actual property for these last 4 years.. just the appliances?

Or I guess what I'm asking.. where in my tax return will I find the information pertaining to the depreciation of my rental house..

So looking at form 4562 on last years tax return, what might be the value on line 17 for somebody with 1 rental property. I purchased a rental home in 2012 for 120k, line 17 on my tax return says $116...I'm not so sure my tax guy knows what he's doing, or I'm not quite understanding depreciation...thanks

Welcome.. central mn here also.. what areas are looking to invest in?

Jeff Zabel I am in and around central Minnesota if something comes your way I'd be interested.. Thanks Nick