How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lev Your Own Question
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28082
Experience:  Taxes, Immigration, Labor Relations
870116
Type Your Tax Question Here...
Lev is online now
A new question is answered every 9 seconds

I OWN HOUSE IN NEVADA. I LIVE IN ALASKA. CAN I DIDUCT DEPRECIATION

Customer Question

I OWN HOUSE IN NEVADA. I LIVE IN ALASKA. CAN I DIDUCT DEPRECIATION ON MY HOUSE IN NEVADA THAT IS BEING RENTED OUT/
Submitted: 8 months ago.
Category: Tax
Expert:  Lev replied 8 months ago.
If you rent the property - you do report rental income and deduct rental expenses.You will deduct depreciation of the building - but will not depreciate the land.Both income and deductions for rental property are reported on schedule E.
Expert:  Lev replied 7 months ago.
You can depreciate your property if it meets all the following requirements.You own the property.You use the property in your business or income-producing activity (such as rental property).The property has a determinable useful life.The property is expected to last more than one year..You begin to depreciate your rental property when you place it in service for the production of income. You stop depreciating it either when you have fully recovered your cost or other ba-sis, or when you retire it from service, whichever happens first..Other rental expenses you might be able to deductRepair Costs – Expenditures made to keep your property in good working condition but do not add to the value of the property.Operating Expenses – Other expenditures necessary for the operation of the rental property, such as the salaries of employees or fees charged by independent contractors (groundkeepers, bookkeepers, accountants, attorneys, etc.) for services provided. Let me know if you need any help with reporting.