Jim wrote:

- quote -

Could you perhaps give us some example of what you mean?
e.g. cost of the property, land and building(s), and how you
figured the depreciation? WE can then give you a better
answer to your question.

ChEAr$,
Harlan Lunsford

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"Jim"
<jcarter99[at]yahoo.com> wrote:

- quote -

Rental property is depreciated over 27.5 or 39 years. Don't
know what you're doing, but it isn't correct. If your asset
is somehow fully depreciated, exactly what are you then
expecting to depreciate further?

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

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"Jim" <jcarter99[at]yahoo.com> wrote:

- quote -

You need professional help YESTERDAY! If for no other
reason than once fully depreciated what else is there to
depreciate?

Second, when you say rental property I hear real property
not personal property. Real property can be categorized
three ways - Residential, Non-Residential and Land.
Residential real property has a depreciable life of 27.5
years. Non-residential real property has a depreciable life
of 39.6 years. Land is not depreciable.

Gene E. Utterback, EA

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jcarter99[at]yahoo.com (Jim) writes:

- quote -

I'm really curious here. What would possess you to think
that you can further depreciate an asset that's been fully
depreciated?

Phil Marti
Topeka, KS

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- quote -

Rental property is generally depreciated over a period of 27
& 1/2 or 39 years. If you are talking about equipment, or
furnishings, which are part of the rental property, and
depreciated over a period of 5 years, once you have used up
the depreciation, there is no more to get.

"Jack" - John H. Fisher - TaxService[at]aol.com
Philadelphia, Pa - Atlantic City, NJ - West Wildwood, NJ
My Newsgroups & Boards at: http://members.aol.com/TaxService/index.html

Where Ignorance is bliss, 'tis folly to be wise!=

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- quote -

Hopefully you do not mean the house... that is a 27.5 year
property... and you mean the stove. Once it is depreciated
to zero, you don't have any more to depreciate.

Helen, EA in PA
50 miles, 3 days, 1 cause - Multiple Sclerosis Challenge Walk for the Cure
October 1 to October 3, 2004
Donate on-line at www.msandyou.org

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After you have fully depreciated your rental proporty(5 year), is
there any way to continue depreciating. Thank you in advance for any
information you may have.

Jim

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