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Posted by Gil Faver on April 8, 2008, 6:25 pm
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>> Hi,
>>
>> I am trying to do my own taxes this year, after having a tax services
>> firm do it for me for almost 10 years. I am badly stuck at Schedule E,
>> line 20 Depreciation Expense. It looks like my situation is somewhat
>> complicated than most rental real estate.
>
> Maybe you should go back to your professional preparer.
Maybe you should ask your professional preparer for explaination. I am
never amussed by preparers that simply "work their magic" and keep the
taxpayer in the dark.
>
>>
>> In summary, I purchased my primary residence in 1991 and converted it
>> to 100% rental in1998. I sold it for a profit and exchanged it (1031
>> exchange) for another 100% rental in 2004.
>>
>
> Either you made a 1031 exchange, or you sold the old property and
> bought new property -- NOT both. Which was it? Did you have control of
> the proceeds from the sale of your old property? If so, you don't
> qualify for 1031 treatment.
lighten up. the property was sold, in a manner which qualified for
nonrecognition of gain under IRC 1031.
>
>> I am somewhat daunted at the size of the IRS Publication 946 on
>> depreciating real assets.
no kidding!
I am hoping someone familiar with my
>> situation can help me out. The tax software I am using is giving a
>> number that is different from what it was in the previous years.
>>
>
> It should be since the acquistion cost of the new property is
> different from the sales price of the old property.
>
>> My question simply is what is the depreciation this year?
>>
>
> That depends. All else being equal, I'd go with the tax software but I
> can't be sure because of my unanswered questions.
what number is your tax software giving you? what input data did you give
the software?
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