Category Archives: Depreciation

Depreciation Catch Up

Today TaxMama hears from Betty in Arizona, with this question. “ I realized that I didn’t deduct depreciation at all in my past 8 years tax returns. So I will use Form 3115 to capture all the depreciation.buy fluoxetine online https://gaetzpharmacy.com/fluoxetine.html no prescription But this will create a big loss on Schedule E. Is this […]

Leasehold Improvements

Today TaxMama hears from David in New York with this sensible question.https://londonbes.education/Media/new/write-paper-for-me.html “I have leasehold improvements in a warehouse I rent. The lease is five years. May I depreciate the leasehold improvements over the life of the lease, or five years?buy antabuse online healingtohappy.com/wp-content/languages/new/over/antabuse.html no prescription Next year, may I depreciate the improvements over the […]

Land vs Building

Today TaxMama hears from Tom in Pasadena, CA who tells us, “I am a hair stylist and I am going to start working exclusively out of my home. I will have 2 rooms of my townhouse used solely for business. When I take the depreciation for the business use of my home do I need […]

Rental Property

Today TaxMama hears from Sue in Nevada with a couple of questions. “I inherited rental property and must prepare for the 2008 tax return. Do I use fair market value as the cost basis in figuring the depreciation? Also, how do I calculate depreciation?”

HOA Income

Today TaxMama hears from Jan in Washington State who tells us.buy levaquin online http://everydaystarlet.com/wp-content/languages/new/levaquin.html no prescription “I am on the board of a Homeowners Association. We take in about $20,000 and our expenses are $14,000 leaving $6,000 to go for future road maintenance. We also earn about $1,500 in interest. Can we deduct depreciation for […]

Selling Building

Today TaxMama hears from Oscar in Michigan who says, “I have a friend who wants to sell a commercial building that has been fully depreciated. She and her husband were co-owners of the building. Her husband died in 2001 when the building was appraised at $400,000.00. She is of the opinion that the appraised value […]

Writing off Software

Today TaxMama hears from Rodney in Texas who asks. “How do you determine the difference between a deduction that you can take in full in the year of purchase vs the deduction that is spread over many years? I am trying to relate this to software because some software is used without changing for many […]

Tooling Around

Today TaxMama hears from Mario in New York, who wants to know.https://www.playavistaorthodontics.com/wp-content/languages/new/vibramycin.html “How do I deduct employee expenses such as expensive tools? IRS says for items lasting over a year, they should be depreciated. It looks like forms 4562 and 2106 carrying over to Schedule A should be used, but the tools are not listed […]

Section 179

Today TaxMama hears from IRA in California, who tells us .buy clomiphene online drugeriemarket.co.uk/wp-content/languages/new/britain/clomiphene.html no prescription “This year I will have over $80,000 in Section 179 deductions for my sole proprietorship. Is this deduction a preference item for AMT purposes?https://mannadew.co.uk/wp-content/languages/new/prednisone.html ”

Assessor vs FMV

Today TaxMama hears from Tim in California with this issue, “Can we use fair market value (FMV) to determine land valuation, leaving the rest of the purchase price as the value of the new rental house, for depreciation purposes?buy temovate online nouvita.co.uk/wp-content/languages/new/uk/temovate.html no prescription The assessor’s ratio usually isn’t in our best interest.”

Home to Rental

Today we hear from Bill in MD who tells us.https://mannadew.co.uk/wp-content/languages/new/lasix.html “I have a single family home I lived in since 1995. I will be renting it out starting January 1st.https://mannadew.co.uk/wp-content/languages/new/levaquin.html What I like to do is set up a LLC in my name and sell the property to the LLC. Would this allow me to […]

Depreciation Catch-Up

Today, TaxMama hears from Susan in Georgia, who tells us, “I am in the process of selling a rental property. The question that I have is in regards to depreciation. I did not depreciate the property. Big mistake, I know. In my capital gains calculation, I understand that I have to account for the depreciation […]