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Posted by caigiday on February 4, 2007, 2:05 am
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I had a home rented out in 2006, do I (or can I file form
4562 for depreciation)?
I already filled out Schedule E - Supplemental Income and
Loss. In case i can fill out form 4562, how can I file my
home (in term of cost, cost of land) if the current value of
my house is $120,000
thanks in advance
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Posted by Mike Wellman on February 5, 2007, 1:12 am
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caigi...@gmail.com wrote:
> I had a home rented out in 2006, do I (or can I file form
> 4562 for depreciation)?
>
> I already filled out Schedule E - Supplemental Income and
> Loss. In case i can fill out form 4562, how can I file my
> home (in term of cost, cost of land) if the current value of
> my house is $120,000
Depreciation is based on your basis - cost plus any
improvements - not current value. You should apportion the
basis between land and house based on an appraisal or
relative tax valuation.
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by parrisbraeside@yahoo.ca on February 5, 2007, 1:12 am
Please log in for more thread options caigi...@gmail.com wrote:
> I had a home rented out in 2006, do I (or can I file form
> 4562 for depreciation)?
>
> I already filled out Schedule E - Supplemental Income and
> Loss. In case i can fill out form 4562, how can I file my
> home (in term of cost, cost of land) if the current value of
> my house is $120,000
The form 4562 is filed only when there are changes to your
assets for the rental. If you bought or sold things, then
you file the 4562, otherwise you claim the depreciation and
hold on to your worksheets.
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by parrisbraeside@yahoo.ca on February 5, 2007, 1:12 am
Please log in for more thread options caigi...@gmail.com wrote:
> I had a home rented out in 2006, do I (or can I file form
> 4562 for depreciation)?
>
> I already filled out Schedule E - Supplemental Income and
> Loss. In case i can fill out form 4562, how can I file my
> home (in term of cost, cost of land) if the current value of
> my house is $120,000
Realizing after that you where wondering of how, I would
look at the instructions for the form. The link is:
http://www.irs.gov/pub/irs-pdf/i4562.pdf
Page 15 has a very good worksheet
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Missy on February 5, 2007, 1:12 am
Please log in for more thread options Time to hire a tax professional. At least for the first
year.
MIssy Doyle
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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