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Subject Author Date
rental propery depreciation tex shalter 04-19-2007
Posted by tex shalter on April 19, 2007, 4:11 am
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 I am planning to buy & finance a 3 bedroom condo for two
sons at the same college.

If we rent 1 room out to a student-friend, can the entire
condo qualify as investment property with depreciation ?

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Posted by Phil Marti on April 19, 2007, 8:49 pm
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> I am planning to buy & finance a 3 bedroom condo for two
> sons at the same college.
>
> If we rent 1 room out to a student-friend, can the entire
> condo qualify as investment property with depreciation ?

No. It will be a mixed use second home/rental. See IRS
Publication 527.

--
Phil Marti
Clarksburg, MD

<< ------------------------------------------------------- >>
<< 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. >>
<< ------------------------------------------------------- >>

Posted by Benjamin Yazersky CPA on April 19, 2007, 8:49 pm
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> I am planning to buy & finance a 3 bedroom condo for two
> sons at the same college.
>
> If we rent 1 room out to a student-friend, can the entire
> condo qualify as investment property with depreciation ?

no

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

<< ------------------------------------------------------- >>
<< 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. >>
<< ------------------------------------------------------- >>

Posted by Bill Brown on April 19, 2007, 8:49 pm
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> I am planning to buy & finance a 3 bedroom condo for two
> sons at the same college.
>
> If we rent 1 room out to a student-friend, can the entire
> condo qualify as investment property with depreciation ?

No. Personal use property cannot be depreciated. At least
2/3 of the condo is personal use property.

<< ------------------------------------------------------- >>
<< 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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