Discussion:Depreciation of Rental Coverted to Personal Reconverted to Rental
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| Revision as of 17:43, 27 October 2009 Kevinh5 (Talk | contribs) ← Previous diff |
Revision as of 17:50, 27 October 2009 Dennis (Talk | contribs) (I vote for lower) Next diff → |
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| {{ForumReplyPost|UserID=Kevinh5|Date=27 October 2009|Text=mid month convention, as if it were year 4, in my opinion - meaning you won't get a full year of depreciation (as you shouldn't have in years 98 or 00)}} | {{ForumReplyPost|UserID=Kevinh5|Date=27 October 2009|Text=mid month convention, as if it were year 4, in my opinion - meaning you won't get a full year of depreciation (as you shouldn't have in years 98 or 00)}} | ||
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| + | {{ForumReplyPost|UserID=Dennis|Date=27 October 2009|Text=I vote for lower of fair market or adjusted basis on the date placed in service. Mid month year one.}} | ||
Revision as of 17:50, 27 October 2009
Discussion Forum Index --> Advanced Tax Questions --> Depreciation of Rental Coverted to Personal Reconverted to Rental
Discussion Forum Index --> Tax Questions --> Depreciation of Rental Coverted to Personal Reconverted to Rental
| 27 October 2009 | |
| I have a client who purchased a rental property in June 1998. In August 2000, it was removed from service as a rental property and used for personal use. (Client's child lived in it while attending school.) In February 2005, it was again placed into service as a rental property. For June 1998 through August 2000 the depreciation is obvious. In 2000, when the property is removed from service, depreciation can no longer be taken. But when the property is re-placed into service in February 2005, how do we depreciate (i.e. year 3 or year 7)? It would seem to me that we should continue in year 3. Anyone else have any experience with this? Thanks. | |
| 27 October 2009 | |
| mid month convention, as if it were year 4, in my opinion - meaning you won't get a full year of depreciation (as you shouldn't have in years 98 or 00) | |
| 27 October 2009 | |
| I vote for lower of fair market or adjusted basis on the date placed in service. Mid month year one. | |
