Capital Gains and Losses

Capital Gains Tax Questions? Ask a Tax Advisor for Answers ASAP

Ask an Expert,
Get an Answer ASAP!

I am a landlord, I wanted to claim depreciation on my

Customer Question
property, I know that I...
I am a landlord, I wanted to claim depreciation on my property, I know that I have to divide the assessed value by 27.5, but do I claim this amount each year, or can I use the new assessed value that is listed on my property tax bill from the city?
Submitted: 9 months ago.Category: Capital Gains and Losses
Show More
Show Less
Ask Your Own Capital Gains and Losses Question
Answered in 17 minutes by:
11/18/2017
Tax Expert: Lane, JD, CFP, MBA, CRPS replied 9 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Capital Gains and Losses
Satisfied Customers: 14,879
Experience: Have been providing Financial and Tax advice for 30 years.Concentration in Corporations, Estate, Income Tax and Business Planning
Verified

Hi. My name's Lane.

...

Generally, depreciation on your rental property is the based on the original cost of the rental asset less the value of the land (because land is not depreciable). The original cost can include various expenses related to the purchase of the property.

...

If you make a capital improvement to the rental property, you will depreciate it using the same useful life of the underlying property. If you don't know the original house and land separate costs, you can use the percentage of house and land to total value listed on your property tax bill to allocate the original cost.

...

If you converted from a property simply help for investment but not in rental service, or say you converted your home to rental, its starting point for basis for depreciation is the lower of (1) the adjusted basis on the date of conversion, or (2) the property’s fair market value (FMV) at the time of conversion (Regs. Sec. 1.168(i)-4(b)).

Ask Your Own Capital Gains and Losses Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax expertLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Lane Your Own Question
Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Capital Gains and Losses
Satisfied Customers: 14,879
14,879 Satisfied Customers
Experience: Have been providing Financial and Tax advice for 30 years.Concentration in Corporations, Estate, Income Tax and Business Planning

Lane is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

R. Klein, EA

R. Klein, EA

Enrolled Agent

263 satisfied customers

Over 20 Years experience in resolving tough tax cases

jgordosea

jgordosea

Enrolled Agent

173 satisfied customers

As an Enrolled Agent you can be ensured of my competence in income tax matters.

PhillipB EA

PhillipB EA

Accountant

130 satisfied customers

Enrolled Agent with 8 years experience in tax return preparation, representation, and taxpayer consultation

Arthur Rubin

Arthur Rubin

Tax Preparer

77 satisfied customers

Over 22 years of tax preparation experience.

Bill-the-CPA

Bill-the-CPA

Certified Public Accountant (CPA)

55 satisfied customers

Seasoned professional with over 15 years in public accounting. Income, sales and property tax. Also accounting/tax software.

FredStevens

FredStevens

Accountant

37 satisfied customers

Experienced in business, accounting and tax planning for individuals, small/medium sized businesses and non-profit organizations

Shane-CPA

Shane-CPA

CPA, PFS, CGMA

11 satisfied customers

Shane Northrop is a Certified Public Accountant, Personal Financial Specialist and a Chartered Global Management Accountant

< Previous | Next >

Related Capital Gains and Losses Questions
We are selling a home in Phoenix Arizona that we've owned
We are selling a home in Phoenix Arizona that we've owned since 2009, we have not lived in that home since 2011, we have a cost basis of 34000 and a list price of 169000. What could the capital gains … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
We just sold a home that has been rented for the last 6
We just sold a home that has been rented for the last 6 years. The purchase price was $50,000 and the selling price was $769,000. While we were still living in the house we paid about $70,000 for majo… read more
abci168
abci168
Principal
27 satisfied customers
Do I have to pay my capital gains tax at the close of escrow
Do I have to pay my capital gains tax at the close of escrow for a sale of real estate in California … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,602 satisfied customers
I bought an apartment for personal use in 2009. In 2014, I
Hello,I bought an apartment for personal use in 2009.In 2014, I started renting it out. I used the straight line method to depreciate the property while it was rented. (27.5 years)After renting it out… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
14,879 satisfied customers
I'm trying to plan out what would be the most tax advanteous
Hi, I'm trying to plan out what would be the most tax advanteous thing to do with my in-laws' home when they pass away. They purchased this home decades ago for about $25K and it's now worth about $50… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
How do you calculate capital gains tax on primary residence
how do you calculate capital gains tax on primary residence after 4 years of leaving residence?… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
14,879 satisfied customers
I want to know how much i have to pay in taxes for a
I want to know how much i have to pay in taxes for a property that i sold … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I had a house that I used as a rental for three years and
I had a house that I used as a rental for three years and used accelerated depreation. I am wondering now where to find the number I should use for the capital gains on this years taxes...I sold the h… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
My sister brother and myself inherited a house from our
Hello, My sister brother and myself inherited a house from our mother. It was appraised at that time at 620,000.00. we used it as a rental for several years. A few years back we had it appraised $540,… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Live in New York - sold my Father home and divided among the
Live in New York - sold my Father home and divided among the three children the monies received from the home per my father's Will. At the closing we received a 1099S form. Now I am doing my income ta… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
How do you compute capitol gains on a rental property sale
how do you compute capitol gains on a rental property sale where land is valued at 28% of property and land at 72%?… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
I am selling a rental real estate property and the closing
I am selling a rental real estate property and the closing will take place in January 2016. My profit will be approximately 100K. I have owned the property for 13 years and have taken the depreciation… read more
Jonathan Tierney
Jonathan Tierney
MBA
295 satisfied customers
How do I determine basis and tax bracket gains owner
how do I determine basis and tax bracket for capital gains for an owner occupied duplex where I've basically taken all the depreciation deductions… read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
I have to report a capital gain on the sale of my moms house,
I have to report a capital gain on the sale of my mom's house, which was quit-claimed over to me and my two siblings several years ago, which took place this past year (2013). I assume the "basis" on … read more
PhillipB EA
PhillipB EA
Accountant
Bachelor's Degree
130 satisfied customers
A sale of inherited rental property with 1/3 ownership for
A sale of inherited rental property with 1/3 ownership for 15 years. Is there depreciation issues? Also a write-off for a trip to Missouri from Colorado to inspect the property. I've never dealt with … read more
abci168
abci168
Principal
27 satisfied customers
I have a rental property that was placed in service in 2009
I have a rental property that was placed in service in 2009 and I take 27.5-year depreciation in income tax. For simplicity, lets say the property is value at 275k and I depreciate 10k a year. I didn'… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
My father died and left his home jointly to my four brothers
My father died and left his home jointly to my four brothers and me. His will stipulated that his 7 grandchildren should each receive $15,000 and the remainder to be divided between the five children.… read more
Bill-the-CPA
Bill-the-CPA
Certified Public Accountant (CPA)
Master's Degree
55 satisfied customers
I PURCHASED A PROPERTY FOR $649900 IT WAS FORECLOSED I RECEIVED
I PURCHASED A PROPERTY FOR $649900 IT WAS FORECLOSED I RECEIVED A 1099-A FOR $413916 OUTSTANDING AND $269210 AS FMV HOWEVER THE COUNTY REPORTED THE ASSESSED VALUE AT $287130 I USED IT FOR 88 DAYS OUT … read more
Bill-the-CPA
Bill-the-CPA
Certified Public Accountant (CPA)
Master's Degree
55 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x