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Date acquired for rental property?
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Faraz H
Feb 13, 2013, 9:33:18 PM2/13/13
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I bought a condo in 2005 which has been my priimary residence since. In 2012 I rented out one room of it. So I want to deduct half of all my expenses . For depreciation, it asks "Date acquired". Do I put Jan 1, 2012 or when I bought it in 2005?
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<< The foregoing was not intended or written to be used, >>
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<< that may be imposed upon the taxpayer. >>
<< >>
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<< are at www.asktax.org. >>
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Arthur Kamlet
Feb 13, 2013, 9:53:28 PM2/13/13
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In article <88cd8044-4f27-47ca...@googlegroups.com>,
rental. So you might wish to reexamine the 50% number.
The basis of property placed into rental service is the smaller of
cost basis or fair market value on day it is placed into service,
Depreciation of residential rental property begins on date it is
ready for rental, and continues over 330 months.
--
ArtKamlet at a o l dot c o m Columbus OH K2PZH
Faraz H <fa...@squashclub.org> wrote:
>I bought a condo in 2005 which has been my priimary residence since. In
>2012 I rented out one room of it. So I want to deduct half of all my
>expenses . For depreciation, it asks "Date acquired". Do I put Jan 1,
>2012 or when I bought it in 2005?
You realize any common areas in your condo are not part of your
>I bought a condo in 2005 which has been my priimary residence since. In
>2012 I rented out one room of it. So I want to deduct half of all my
>expenses . For depreciation, it asks "Date acquired". Do I put Jan 1,
>2012 or when I bought it in 2005?
rental. So you might wish to reexamine the 50% number.
The basis of property placed into rental service is the smaller of
cost basis or fair market value on day it is placed into service,
Depreciation of residential rental property begins on date it is
ready for rental, and continues over 330 months.
--
ArtKamlet at a o l dot c o m Columbus OH K2PZH
Pico Rico
Feb 13, 2013, 10:47:16 PM2/13/13
to
"Arthur Kamlet" <kam...@panix.com> wrote in message
news:kfhjiu$7d0$1...@reader1.panix.com...
> In article <88cd8044-4f27-47ca...@googlegroups.com>,
> Faraz H <fa...@squashclub.org> wrote:
>>I bought a condo in 2005 which has been my priimary residence since. In
>>2012 I rented out one room of it. So I want to deduct half of all my
>>expenses . For depreciation, it asks "Date acquired". Do I put Jan 1,
>>2012 or when I bought it in 2005?
>
>
> You realize any common areas in your condo are not part of your
> rental. So you might wish to reexamine the 50% number.
>
>
> The basis of property placed into rental service is the smaller of
> cost basis or fair market value on day it is placed into service,
>
>
> Depreciation of residential rental property begins on date it is
> ready for rental, and continues over 330 months.
> --
>
Good points. But, "For depreciation, it asks "Date acquired". Do I put Jan
> Faraz H <fa...@squashclub.org> wrote:
>>I bought a condo in 2005 which has been my priimary residence since. In
>>2012 I rented out one room of it. So I want to deduct half of all my
>>expenses . For depreciation, it asks "Date acquired". Do I put Jan 1,
>>2012 or when I bought it in 2005?
>
>
> You realize any common areas in your condo are not part of your
> rental. So you might wish to reexamine the 50% number.
>
>
> The basis of property placed into rental service is the smaller of
> cost basis or fair market value on day it is placed into service,
>
>
> Depreciation of residential rental property begins on date it is
> ready for rental, and continues over 330 months.
> --
>
1, 2012 or when I bought it in 2005?"
========================================= MODERATOR'S COMMENT:
Asked and answered.
Pico Rico
Feb 14, 2013, 10:36:10 AM2/14/13
to
"Faraz H" <fa...@squashclub.org> wrote in message
news:88cd8044-4f27-47ca...@googlegroups.com...
>I bought a condo in 2005 which has been my priimary residence since. In
>2012 I rented out one room of it. So I want to deduct half of all my
>expenses . For depreciation, it asks "Date acquired". Do I put Jan 1, 2012
>or when I bought it in 2005?
>
Form 4562 asks "month and year placed in service", not "date acquired".
>2012 I rented out one room of it. So I want to deduct half of all my
>expenses . For depreciation, it asks "Date acquired". Do I put Jan 1, 2012
>or when I bought it in 2005?
>
Faraz H
Feb 14, 2013, 12:45:28 PM2/14/13
to
On Thursday, February 14, 2013 9:36:10 AM UTC-6, Pico Rico wrote:
> Form 4562 asks "month and year placed in service", not "date acquired".
>
I am using an online site to file taxes and it only asks "Date acquired"
> Form 4562 asks "month and year placed in service", not "date acquired".
>
Stuart A. Bronstein
Feb 14, 2013, 1:24:29 PM2/14/13
to
Faraz H <fa...@squashclub.org> wrote:
> Pico Rico wrote:
>
>> Form 4562 asks "month and year placed in service", not "date
>> acquired".
>
> I am using an online site to file taxes and it only asks "Date
> acquired"
>
As Arthur said, "Depreciation of residential rental property begins
> Pico Rico wrote:
>
>> Form 4562 asks "month and year placed in service", not "date
>> acquired".
>
> I am using an online site to file taxes and it only asks "Date
> acquired"
>
on date it is ready for rental, and continues over 330 months."
Is there something about that that is difficult to understand?
___
Stu
http://DownToEarthLawyer.com
paulthomascpa
Feb 14, 2013, 1:31:32 PM2/14/13
to
"Faraz H" <fa...@squashclub.org> wrote
> On Thursday, February 14, 2013 9:36:10 AM UTC-6, Pico Rico wrote:
>
>> Form 4562 asks "month and year placed in service", not "date acquired".
>>
>
> I am using an online site to file taxes and it only asks "Date acquired"
>
> --
You "acquired" it for rental purposes on the date you first placed it into
>
>> Form 4562 asks "month and year placed in service", not "date acquired".
>>
>
> I am using an online site to file taxes and it only asks "Date acquired"
>
> --
service as rental property.
--
Paul Thomas, CPA
www.paulthomascpa.com
Watkinsville, Georgia
remove ps
Feb 16, 2013, 10:16:54 PM2/16/13
to
Faraz H wrote:
> On Thursday, February 14, 2013 9:36:10 AM UTC-6, Pico Rico wrote:
>
> > Form 4562 asks "month and year placed in service", not "date
> > acquired".
> >
>
> I am using an online site to file taxes and it only asks "Date
> acquired"
The software has a minor bug. It should use the phrase "placed into
> On Thursday, February 14, 2013 9:36:10 AM UTC-6, Pico Rico wrote:
>
> > Form 4562 asks "month and year placed in service", not "date
> > acquired".
> >
>
> I am using an online site to file taxes and it only asks "Date
> acquired"
service" or "available for rent". Note that this means when you
started advertising for renters, even if it not occupied. This is good
because it means you can deduct condo fees during the period.
If your condo has two bedrooms, the percent rental is the square foot
of the area used exclusively for renting divided by the entire square
foot of the whole house.
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