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Posted by removeps-groups@yahoo.com on April 14, 2008, 5:18 pm
Please log in for more thread options On Apr 14, 1:39 pm, zl1...@yahoo.com wrote:
> I placed a piece of rental property into service on Dec. 17 2007. Do I
> have to claim depreciation for it on my taxes since it was put into
> service so late in the year? If I do how do i figure how much to
> claim?
Yes, you have to claim depreciation. The month placed into service
would be December. See table A6 on page 77, and use year 1 month 12.
http://www.irs.gov/pub/irs-pdf/p946.pdf
Table A-6. Residential Rental Property
Mid-Month Convention
Straight Line--27.5 Years
BTW, the property is assumed to be placed in service in the middle of
December, which is pretty exact for your case. The ratio is
100/27.5/12/2 = 0.15151515151515151515151515151515, but you should use
the table amount of 0.152.
========================================= MODERATOR'S COMMENT:
- that series is just 5/33. Rounding is good.
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