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Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1672
Experience:  Enrolled to Represent Taxpayers Before The IRS
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I have a rental house. Is there a depreciation on ...

Customer Question

I have a rental house. Is there a depreciation on the property that can be deducted from my income tax?
Submitted: 8 years ago.
Category: Tax
Expert:  Marvin,EA replied 8 years ago.
Hello and thank you for using Just Answer. How have you had the rental house and have you deduct any expenses on IRS Form Sch.E?
Customer: replied 8 years ago.
Reply to Marvin,EA's Post: We have had the house for 2 years, and I don't believe we have deducted anything as far a depreciation. We have deducted the interest on the loan.
Expert:  Marvin,EA replied 8 years ago.
Have you deducted the interest on Sch. E ( ?
Customer: replied 8 years ago.
Expert:  Marvin,EA replied 8 years ago.

Depreciation of rental properties are on Form 4562 ( place in service during the first year in service. You should amended you tax returns for the first two years you filed Sch. E. for the rental properties. You will use MACRS and nonresidential real property recovery period of 27.5 years. Once you find the amount to deprecate your rental properties you will use that amount for 27.5 years or until you sell the properties.