Discussion:Property was Rental and then converted to Lofts
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Discussion Forum Index --> Advanced Tax Questions --> Property was Rental and then converted to Lofts
Discussion Forum Index --> Tax Questions --> Property was Rental and then converted to Lofts
| 29 October 2007 | |
| Property was depreciated as a rental property (1040) in 2004 and then in 2005, owner vacated tenants with intention of gut rehab and sell condo's lofts in NYC. NO RENTAL INCOME IN 2005. Depreciable in 2005 or not? If not, then the expenses incurred, i.e. taxes, maintenance, etc., is capitalized in 2005 or expensed?
In addiiton, indiv purchased three other NYC properties that were not in rentable condition in 2005. Do these get input into the Fixed Asset section of , say, Ultra Tax as a 'memo' item, bec it is not depreciable in the year of purchase or do I have to just meake a mentl note and begin depreciating in year that the property is rentable? Thanx in advance for your help! | |
| 29 October 2007 | |
| you can't depreciate property held for resale to customers, Azikel CPA | |
| 30 October 2007 | |
| Is your client a dealer or investor? Treatment will differ depending on their category. | |
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