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#2
08-07-2004, 08:39 AM
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 Re: Real estate rental basis "ngemail" <ngemail2003[at]yahoo.com> wrote: - quote - > Bought a home in CA (community prop) 15 years ago. Was
Lower of cost or market value.> divorced 10 years ago and got ownership of the house in the > settlement. Lived in it until 2003, at which time I moved > out and switched this house to a rental. > How do I figure the basis for depreciation purposes? > Original cost was about 350K including land (60K?) Value at > time of divorce was maybe 400K. -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
08-07-2004, 07:42 AM
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| Re: Real estate rental basis ngemail <ngemail2003[at]yahoo.com> wrote: - quote - > Bought a home in CA (community prop) 15 years ago. Was
Use the lower of fair market value at time you placed the> divorced 10 years ago and got ownership of the house in the > settlement. Lived in it until 2003, at which time I moved > out and switched this house to a rental. > How do I figure the basis for depreciation purposes? > Original cost was about 350K including land (60K?) Value at > time of divorce was maybe 400K. property into service as a rental, or the adjusted cost basis at that time. Only the building, not that land, can be depreciated, so allocate basis between building and land. So if no improvements, land had basis of 60 and building had basis of 290 and you would use the 290 for depreciation. __ Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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08-07-2004, 07:04 AM
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| Re: Real estate rental basis "ngemail" <ngemail2003[at]yahoo.com> wrote: - quote - > Bought a home in CA (community prop) 15 years ago. Was
Original cost plus any improvements up till you placed it in> divorced 10 years ago and got ownership of the house in the > settlement. Lived in it until 2003, at which time I moved > out and switched this house to a rental. > How do I figure the basis for depreciation purposes? > Original cost was about 350K including land (60K?) Value at > time of divorce was maybe 400K. service less the cost of the land - OR - the fair market value when placed in service IF LESS THAN your actual cost. 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
08-05-2004, 07:31 PM
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| Real estate rental basis Bought a home in CA (community prop) 15 years ago. Was divorced 10 years ago and got ownership of the house in the settlement. Lived in it until 2003, at which time I moved out and switched this house to a rental. How do I figure the basis for depreciation purposes? Original cost was about 350K including land (60K?) Value at time of divorce was maybe 400K. Thanks << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| basis, estate, real, rental |
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