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Subject Author Date
depreciation allowed or allowable Benjamin Yazersky CPA 06-18-2008
Posted by Benjamin Yazersky CPA on June 18, 2008, 5:53 pm
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 taxpayer (new client) sold multi family residence-
lived in one apt & rented out the other 2 apts-
depreciation was NOT claimed for prior year(s) on sch e

Is there any relief from the allowed or allowable?
I do recall that the IRS had issued something some years ago on this topic.
But I just am not finding it.





___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] >>>
-----> real address on hobokeni or hobokenx <-----

"This written advice was not intended or written to be used, and it cannot
be used by any taxpayer, for the purpose of avoiding penalties that may be
imposed on the taxpayer."

(The foregoing legend has been affixed pursuant to U.S. Treasury Regulations
governing tax practice.)

The information transmitted is intended only for the person or entity to
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<< The foregoing was not intended or written to be used, >>
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Posted by joetaxpayer on June 18, 2008, 7:04 pm
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Benjamin Yazersky CPA wrote:
> taxpayer (new client) sold multi family residence-
> lived in one apt & rented out the other 2 apts-
> depreciation was NOT claimed for prior year(s) on sch e
>
> Is there any relief from the allowed or allowable?
> I do recall that the IRS had issued something some years ago on this topic.
> But I just am not finding it.

Depreciation on renal property is not "allowed", it's "required".

I recommend you file amended returns for the prior years.
Joe

--
<< ------------------------------------------------------- >>
<< 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 (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by Gil Faver on June 19, 2008, 1:06 pm
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>
>
> Benjamin Yazersky CPA wrote:
>> taxpayer (new client) sold multi family residence-
>> lived in one apt & rented out the other 2 apts-
>> depreciation was NOT claimed for prior year(s) on sch e
>>
>> Is there any relief from the allowed or allowable?
>> I do recall that the IRS had issued something some years ago on this
>> topic.
>> But I just am not finding it.
>
> Depreciation on renal property is not "allowed", it's "required".

depreciation is NOT required. Treating depreciation as having been taken IS
required.

========================================= MODERATOR'S COMMENT:
- point taken.

--
<< ------------------------------------------------------- >>
<< 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 (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by ed on June 18, 2008, 7:49 pm
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> taxpayer (new client) sold multi family residence-
> lived in one apt & rented out the other 2 apts-
> depreciation was NOT claimed for prior year(s) on sch e
>
> Is there any relief from the allowed or allowable?
> I do recall that the IRS had issued something some years ago on this topic.
> But I just am not finding it.
>
> ___________________________________
> <<< Benjamin Yazersky, CPA [NJ & NY] >>>
>        ----->  real address on hobokeni or hobokenx  <-----
>
> "This written advice was not intended or written to be used, and it cannot
> be used by any taxpayer, for the purpose of avoiding penalties that may be
> imposed on the taxpayer."
>
> (The foregoing legend has been affixed pursuant to U.S. Treasury Regulations
> governing tax practice.)
>
> The information transmitted is intended only for the person or entity to
> which it is addressed and may contain confidential and/or privileged
> material. Any review, retransmission, dissemination or other use of, or
> taking of any action in reliance upon, this information by persons or
> entities other than the intended recipient is prohibited. If you received
> this in error, please contact the sender and delete the material from any
> computer.
I'm with you, Ben. There IS something but I cn't recall where,
probably saw it on boards somewhere. Seems to me it was something
buried in info about a change in accounting methods. Try googling
some key-words.

ed

--
<< ------------------------------------------------------- >>
<< 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 (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by Harlan Lunsford on June 18, 2008, 9:22 pm
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ed wrote:
>> taxpayer (new client) sold multi family residence-
>> lived in one apt & rented out the other 2 apts-
>> depreciation was NOT claimed for prior year(s) on sch e
>>
>> Is there any relief from the allowed or allowable?
>> I do recall that the IRS had issued something some years ago on this topic.
>> But I just am not finding it.


> I'm with you, Ben. There IS something but I cn't recall where,
> probably saw it on boards somewhere. Seems to me it was something
> buried in info about a change in accounting methods. Try googling
> some key-words.

And it has something to do with form 3115 and claiming past depreciation
on an amended return.

ChEAr$,
Harlan Lunsford, EA n LA

--
<< ------------------------------------------------------- >>
<< 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 (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

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