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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10422
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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My issue is basis coop unit I started renting in 2015
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Customer Question

Hi, I am Prabir Bhowal. My issue is basis for depreciation for a coop unit I started renting in 2015
JA: Thanks. Can you give me any more details about your issue?
Customer: I looked P527, got the coop info, and figured adjusted basis per p. 16 (changed to rental). It said smaller of adj. basis or FMF which is adjusted basis minus straight line depreciation, unless the value is unrealistic. It's the last part, straight line depreciation that I dont understand
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Submitted: 11 months ago.
Category: Tax
Expert:  Lane replied 11 months ago.

Hi,

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I can help you here.

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Straight line depreciation means dividing the basis by equal amounts over the depreciation period

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for example, if the depreciation period is 5 years ... straight line depreciation would have a depreciation expense of 1/5, of that adjusted basis or fair market value, per year.

Expert:  Lane replied 11 months ago.

Here's an excellent overview of the subject: http://www.investopedia.com/articles/06/depreciation.asp

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Hope this has helped … let me know if you have questions

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If this HAS helped, I'd really appreciate your positive rating … (by using the stars or rating request on your screen) … … That’s the only way JustAnswer will credit me for the work.

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Thank you,

Lane

Expert:  Lane replied 11 months ago.

Hi,

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I’m just checking back in to see how things are going.

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Did my answer help?

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Let me know…

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Thanks

Lane

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