Situation:- You have a rental property on which you begin taking depreciation (15 year ACRS, if it matters).- After 5 years because of your overall income levels you are no longer required to file a tax return (independent of whether the depreciation was taken).- Now, after several years of no tax returns this year you have to file again.Questions:- Do you continue using the depreciation schedule right where you left off on the last year you took the depreciation?- Is your basis reduced only by the years you took depreciation or do you have to include all the years where you did not take the depreciation because you didn't have to file?TIA for any light you may be able to shed.H
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra