02-01-2004, 04:46 AM
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 Re: Deductions for a owner-occupied Duplex "MC" <michaeljc70[at]hotmail.com> wrote: - quote - > On an owner occupied building, I know I can deduct the
Unless you can specifically identify and allocate the> mortgage and taxes prorated to the rental unit on SCH E (and > the rest on SCH A). If I put in improvements, do I > depreciate those using the same proration? For example, I > put in a fence for $5000. I occupy 50% of the property. Do I > depreciate $2500 on Sched E and the other $2500 goes to my > basis for when I sell the house? expense to one part of the unit or the other, this is exactly what I would do. However, if you put a fence up around the yard of the rental unit only then you would capitalize and depreciate the entire amount. Gene E. Utterback, EA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
01-27-2004, 10:32 PM
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| Deductions for a owner-occupied Duplex On an owner occupied building, I know I can deduct the mortgage and taxes prorated to the rental unit on SCH E (and the rest on SCH A). If I put in improvements, do I depreciate those using the same proration? For example, I put in a fence for $5000. I occupy 50% of the property. Do I depreciate $2500 on Sched E and the other $2500 goes to my basis for when I sell the house? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| deductions, duplex, owneroccupied |
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