"whiskers" <whiskers222[at]hotmail.com> wrote:

- quote -

First off, if you do not understand how depreciation is
incorporated into the computation of taxable income, you
should definitely seek the services of a professional tax
preparer/advisor. This is a very basic element of taxation
and there are many more complex issues related to taxes that
you're doing yourself a disservice by trying to handle
yourself.

Second, you will have received a step-up in basis and
started taking new depreciation deductions against this
stepped up basis (new basis, new depreciation life, etc),
therefore, the $7,000 your father took for depreciation is
irrelevant to the amount that you'll be likely able to
deduct.

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"whiskers" <whiskers222[at]hotmail.com> writes:

- quote -

Actually, you'll probably be able to deduct more, since the
depreciation clock will start over and will use a basis of
what the building was worth the day your father died.

- quote -

Then you should definitely have a tax pro do your return
at least this year.

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

"whiskers" <whiskers222[at]hotmail.com> wrote
- quote -

Well, yes and no.

Yes, you get to take depreciation on the building and any
other structures (but not on the land).

No, it's not going to be near the same amount as what your
father took. You get a step up in cost basis to the value
of the land/building as of the date of your father's death.
Someone should have those figures from his estate. The
stepped up cost basis of the building and other structures
(tanks in the ground, etc) get depreciated over time. Gas
stations get depreciated over a much quicker time frame than
other commercial property, so maybe get a tax professional
to help you this year to get the records and accounting all
straight.

--
Paul A. Thomas, CPA
Athens, Georgia

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

I inherited some land in Los Angeles, Ca. from my father. On
that land is a gas station that I receive rent from. Looking
back at my fathers 2004 tax return he deducted depreciation
of about $7,000.00 from the rental income. am I able to
deduct the same about when I do my taxes? I do not
understand depreciation and how it pertains to income taxes.

thank you.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >