All Forum Posts by: Reid Isaki

Thanks i find Pacific specialty to be the best. 

I was wondering does anyone know of any insurance companies that will insure a 1920s duplex that has a floor furnace downstairs and a wall heater upstairs?

Geico, progressive, Farmers, state farm, liberty mutual all don't insure

 Perhaps, but the originally question I had as to why Federal/California state would be different in depreciation was a simple answer that after days of research I figured out.  Federal allows special allowances and california does not, so when depreciating property values will more than likely be different.  The only responses I got were "go see a tax specialist", which disappointed me. 

thank you!! This is the first task reply I've gotten on this site.. Everyone always says "go see a tax professional"... It's like, thanks man!! Why do we even have this forum?

I put in the wrong service date off by 1 year for placed in service for one of my properties.  The depreciated value was off by 37 dollars. This was on the federal form and I can fix this on the state form , but woudl this cause more issues? Should I send in the california form incorrectly and then amend them both later? 

All Ican find is websites linking to the actual form 3885a.  I have a question abou t

Part 3 line 5.  California depreciation for assets placed in service prior to xxxx.   

Where does this value come from? how is it calculated?

Thanks,

Reid

Thansk for your reply!!!  

So even though the room renter moved out and I moved out I should still depreciate it on it's own schedule?

The duplex is a 2/1 top and 2/1 bottom.  The bottom is now completely rented out to new tenants.  So the room that was being rented before, is now being rented by a new tenant, (Since the entire bottom is now being rented).  Isn't that double dipping if I'm claiming depreciation on the room rental(when I lived in the building and renting it out) and also depreciating the bottom unit as a whole?

Thanks so much for your help on this!!!  The cost basis of the bottom unit is now changed since putting it in service last year as well. Correct?

I have a duplex, i lived in the bottom unit and had a roommate.  Top unit was rented. I calculated 4% of the building was used for the room rental.  I depreciated this value the last two years. He moved out last year and I moved out as well so now I'm renting the entire building.  I had started to use a SL depreciation on the room rental but after only taking 2 years of depreciation i have 25.5 years left.

How do I handle depreciation on the entire building now? even though I claimed 2 years worth on 4% of the building.  

Which forms do I have to fill out and what is the process.

Thanks!