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Kelly McGlynn
Kelly McGlynn, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 31
Experience:  President at Exceptional Bookkeeping Inc.
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I am enterting my rental income on turbo tax and going

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I am enterting my rental income on turbo tax and going through the assets / depreciation section. Am I able to depreciate the building itself or is it only for improvements that have been done in 2017? If only for improvements, can I enter an improvement that was done in 2016 if I did not file taxes in 2016 because of no taxable income?

Hello. Thank you for your question. I'm Kelly and am here to help you today. I am reviewing your question and will be with you shortly.

You can depreciate the building. Not the land though so make sure and only put a value on the building. I would not include prior improvements since you didn't file a return though.

Customer: replied 8 months ago.
thanks!

You're welcome. I’m glad I could be of assistance. If you need more help, please reply to continue our conversation. If you do not require further assistance, your 5 star rating is greatly appreciated. Thank you.

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