 Depreciation (by Mike [PA]) Mar 12, 2023 10:09 PM
 Depreciation (by Ray-N-Pa [PA]) Mar 12, 2023 11:07 PM
Depreciation (by small potatoes [NY]) Mar 12, 2023 11:47 PM
Depreciation (by myob [GA]) Mar 13, 2023 6:44 AM
Depreciation (by Marv [IL]) Mar 13, 2023 8:29 AM
Depreciation (by plenty [MO]) Mar 13, 2023 10:34 AM
Depreciation (by Wilma [PA]) Mar 13, 2023 12:24 PM
Depreciation (by Mike [PA]) Posted on: Mar 12, 2023 10:09 PM
Message:
Tax time again so time to ask.
I read where u do not have to take a depreciation on a rental.
If true, it also states you would STILL have to pay recapture on the depreciation you didn't take!.
I'm not sure why u would have to payback something you never took. --24.115.xx.xxx |
Depreciation (by Ray-N-Pa [PA]) Posted on: Mar 12, 2023 11:07 PM
Message:
I understand your concern......
Do the rules make sense? Nope - not in my mind
And what makes that rule so dangerous is in an age where you can take bonus depreciation, but elect not to - does that mean you get that billed too? Nope. So their own rule is inconsistent --24.101.xxx.xxx |
Depreciation (by small potatoes [NY]) Posted on: Mar 12, 2023 11:47 PM
Message:
Well you don't HAVE to take depreciation, there is no penalty, just if you don't there is recapture req. which assumes you did it. I had a crappy accountant who didn't report it and I was young and didn't know better. Held everything long enough that it will sort itself out. --67.240.xx.xx |
Depreciation (by myob [GA]) Posted on: Mar 13, 2023 6:44 AM
Message:
why wouldn't you take it? --108.239.xx.xx |
Depreciation (by Marv [IL]) Posted on: Mar 13, 2023 8:29 AM
Message:
The rule is you must recapture depreciation if it was "reported or reportable".
That being said, if I see someone who has sold a rental that has never been depreciated I file form 3115 and deduct all skipped depreciation in current year. --67.184.xxx.xxx |
Depreciation (by plenty [MO]) Posted on: Mar 13, 2023 10:34 AM
Message:
seem like then you would take it the same year you recapture? a wash but not until the final accounting ? Just curious. --172.56.xx.xxx |
Depreciation (by Wilma [PA]) Posted on: Mar 13, 2023 12:24 PM
Message:
Away back in 1998, I talked to an actual IRS agent about our desire to not depreciate. His response was that the IRS always assumes that you took depreciation, and that their records aren't held into long enough to prove otherwise. (Your paper copy is worthless unless the IRS has the record in their system.) So he advised us to take the depreciation. --96.245.xx.xx |
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