Finance

Have finance questions? Ask a financial expert online.

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

I need help with calculating depreciation. I closed on a…

I need help with...

I need help with calculating depreciation

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I closed on a residential rental property on August 15, 2016. The land value was 501,660 and the improvements were 489,340. How much depreciation should I have taken on my taxes for 2016 and how much for 2017?

Accountant's Assistant: Is there anything else the Accountant should be aware of?

There were improvements done to the property worth 11,178.92 in 2016 and in 2017 of 19.080.74.

Show More
Show Less
Ask Your Own Finance Question
Answered in 23 minutes by:
3/23/2018
PDtax
PDtax, CPA, MBA
Category: Finance
Satisfied Customers: 5,125
Experience: Tax professional and business consultant for 35 years.
Verified
I'm PDtax. I can assist.But I need to know when all the assets were placed in service, month and year.
Ask Your Own Finance Question
Customer reply replied 5 months ago
The property itself was placed in service August 15, 2016, the same date it was purchased.
All the assets, including the improvements.
PDtax
PDtax, CPA, MBA
Category: Finance
Satisfied Customers: 5,125
Experience: Tax professional and business consultant for 35 years.
Verified
PDtax and 87 other Finance Specialists are ready to help you
Ask your own question now
Customer reply replied 5 months ago
The first round of improvements were completed in December, 2016. The 2nd round of improvements were completed in April, 2016
Phone call session started
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a financial professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask PDtax Your Own Question
PDtax
PDtax
PDtax, CPA, MBA
Category: Finance
Satisfied Customers: 5,125
5,125 Satisfied Customers
Experience: Tax professional and business consultant for 35 years.

PDtax 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:

Rakhi Vasavada

Rakhi Vasavada

Financial and Legal Consultant

2,609 satisfied customers

Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years

Megan C

Megan C

Certified Public Accountant (CPA)

2,222 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

Manal Elkhoshkhany

Manal Elkhoshkhany

Tutor

1,933 satisfied customers

More than 5000 online tutoring sessions.

JKCPA

JKCPA

CPA

844 satisfied customers

Bachelors degree and CPA with Accounting experience.

Eric

Eric

Financial Manager

559 satisfied customers

Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.

R. Klein, EA

R. Klein, EA

Accountant

480 satisfied customers

TurboTax Expert. QuickBooks Certified Pro Advisor

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

332 satisfied customers

NASD Licensed Rep, 1997-2001, Business Attorney

< Previous | Next >

Related Finance Questions
I am a US Citizen (person of indian origin) filing my U.S.
I am a US Citizen (person of indian origin) filing my U.S. Tax Return regularly . I bought two house properties in india on home loan from Indian Bank i.e., one in 2002 and one in 2008 and kept these … read more
taxmanrog
taxmanrog
Master\u0027s Degree
1,072 satisfied customers
I bought a house in India few years back and kept vacant
I bought a house in India few years back and kept vacant until mid of 2017 when it was let out . I did not take depreciation deduction from rental income of this house in my US Income Tax Return for 2… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,610 satisfied customers
I moved some rental properties into an LLC and I need some
I moved some rental properties into an LLC and I need some help with my balance sheet calculations. Is there an accountant online that can help?… read more
Bryan M.
Bryan M.
Owner
Masters of Accountancy
160 satisfied customers
I have built a new home to use as a short term vacation
Hello, I have built a new home to use as a short term vacation rental for 13 weeks a year and as a personal home for probably 4 weeks when not rented. The 4 weeks does not include the time I'm working… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,610 satisfied customers
Is it a requirement to calculate depreciation expense on
is it a requirement to calculate depreciation expense on business use of home percentage? it seems rather complicated.… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,610 satisfied customers
I am enterting my rental income on turbo tax and going
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… read more
Kelly McGlynn
Kelly McGlynn
Bachelors of Science
31 satisfied customers
When to report new property on tax return? I bought a duplex
When to report new property on tax return? I bought a duplex that is to be a rental property but it has taken more than a year to get it ready to rent. Can I deduct expenses and start depreciation on … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,610 satisfied customers
I have some questions about Residential Rental Depreciation.
I have some questions about Residential Rental Depreciation. I rented out a house in 1986 for a few years using the Acrs method of depreciation. Took the rental out of service after a few years. Now, … read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
Lane, I am working on a tax return that the property was
Good evening Lane, I am working on a tax return that the property was owned by an unmarried couple. they both owned 50 percent of the share of the property. they live in one of the units and they rent… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Can one take a "bonus depreciation" (50% depreciation in the
Hello, can one take a "bonus depreciation" (50% depreciation in the first year of service) on capital improvements done to a residential rental property? This is for the 2013 tax return.… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I have purchased a new rental property and have a few
I have purchased a new rental property and have a few questions about what I can depreciate/include in the cost basis of the property.Property purchased 11/30/2016 Property made available to rent 12/2… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Sale of a residential rental house this year (2017): 1.) how
Sale of a residential rental house this year (2017): 1.) how to :Calc. capital gains tax. 2.) How to determine income tax bracket, Married filed JointlyProperty in Sacramento, CA Owned and rented out … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
I own a unit which we currently lie in (6 years) and am
Hi. I own a unit which we currently lie in (6 years) and am about to buy a house with my husband. I would like to keep my unit as an investment property. My yearly income is 300,000. Should I increase… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I live in California and I bought my house in 2007 for
I live in California and I bought my house in 2007 for $380,000. I now owe 292,000. The market value is about 280,000. I have lived in the house continuously until July of 2015 approximately 9 years. … read more
Rakhi Vasavada
Rakhi Vasavada
Financial and Legal Consultant
Bachelor's Degree
2,609 satisfied customers
I am selling my rental house to my son as s primary
I am selling my rental house to my son as his primary residence. I thought of structuring the purchase agreement so that I pay for his private mortgage insurance in a single payment of 6 thousand, all… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
I bought a house for $169,000. I put $50,000 of improvements
I bought a house for $169,000. I put $50,000 of improvements into it. I then converted it to a rental 8 years after purchase at a basis of $400,000. I put another $30,000 into the house and used doubl… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Basis for new property acquired via a 1031exchange. Property
Basis for new property acquired via a 1031exchange. Property 6 was sold after owning 24 years. Depreciation was accelerated over 19 yrs and was fully depreciated at sale. Depreciation was $48, 875.40.… read more
R. Klein, EA
R. Klein, EA
Accountant
Master's Degree
480 satisfied customers
Selling a 4-family home; 3 apartments were rented out. How ...
Selling a 4-family home; 3 apartments were rented out. How much will NYS and FED charge in taxes when I go to closing, etc? Acquired home JUNE 1998 as a gift from my Mother. ZERO = Basis of Assets. Ma… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 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