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Question .- if i want to do depreciation on a rental

property do i need to...
question .- if i want to do depreciation on a rental property do i need to enter section 179 limit and how much it is ?also the property was purchased on 08/01/2016please advise
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Answered in 23 minutes by:
10/11/2016
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 2,442
Experience: Certified Public Accountant
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Hi, my name is***** would be happy to help you with your questions. Do you have a residential rental property?

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Customer reply replied 1 year ago
Hey mark yes i do . i have 4 residential properties , we spoke the other day not sure if you remember me but i need in completing my personal tax return i did file my S corporation already now im working on my personal income tax return.

Is this the first year that you placed the rental properties in service? Are they homes, condos?

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Customer reply replied 1 year ago
i need help also on one of the properties i did spend about $400000.00 thousand on repairs , where do i need to enter those repair expenses because i was told that i can' enter those on repairs ,
Customer reply replied 1 year ago
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.

Yes, you would not be able to expense the $400,000 as repairs. You would need to depreciate this amount over 27.5 years.

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What were the repairs that you paid for. It is possible that you may be able to treat some of this expense differently.

Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 2,442
Experience: Certified Public Accountant
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Mark Taylor and 87 other Finance Specialists are ready to help you
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Customer reply replied 1 year ago
you can call me at 919 794 5942

http://downloads.taxslayer.com/pdfs/New_User_Exercise_Number_4.pdf

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https://www.irs.gov/businesses/small-businesses-self-employed/tangible-property-final-regulations

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