Time to hire a tax professional. At least for the first
year.

MIssy Doyle

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caigi...[at]gmail.com wrote:

- quote -

Realizing after that you where wondering of how, I would
look at the instructions for the form. The link is:
http://www.irs.gov/pub/irs-pdf/i4562.pdf

Page 15 has a very good worksheet

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caigi...[at]gmail.com wrote:

- quote -

The form 4562 is filed only when there are changes to your
assets for the rental. If you bought or sold things, then
you file the 4562, otherwise you claim the depreciation and
hold on to your worksheets.

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

caigi...[at]gmail.com wrote:

- quote -

Depreciation is based on your basis - cost plus any
improvements - not current value. You should apportion the
basis between land and house based on an appraisal or
relative tax valuation.

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I had a home rented out in 2006, do I (or can I file form
4562 for depreciation)?

I already filled out Schedule E - Supplemental Income and
Loss. In case i can fill out form 4562, how can I file my
home (in term of cost, cost of land) if the current value of
my house is $120,000

thanks in advance

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >