Tag Archives: MACRS

Mobile Home Rental

Today TaxMama® hears from Klondike in the TaxQuips Forum with this question.  “In March, I purchased a new mobile home and placed it on property I own. It is skirted with wheels removed and set on cement pillars. My son lives in the home and pays rent. Is it best to depreciate the home for […]

Step Up Basis Adjustment

Today TaxMama hears from Rob in the TaxQuips Forum, who couldn’t get IRS to answer him.  “I am adjusting a 2006 return using the 3115 Form per your guidance.  The Real estate is 1974 property where we used ACRS, 125% and 20 years.   For the step-up do I have to use MACRS lives and methods?”

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?”

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 […]

Section 179

Today TaxMama hears from IRA in California, who tells us . “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?”