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If a partnership assumes a mortgage note and the note they

assume has a $50,000. balance...
If a partnership assumes a mortgage note and the note they assume has a $50,000. balance, what do you list the asset as on the depreciation schedule? The assumption amount or the market value of the property?
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Answered in 1 minute by:
7/5/2012
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,245
Experience: Extensive Experience with Tax, Financial & Estate Issues
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Stephen E. Grizey :

Hi & thanks for using our service. I'll do my best to give you a complete & accurate answer. Please ask me to clarify anything you don't understand.

Stephen E. Grizey :

It depends upon where the property came from. Was it a purchase from an independent party with the consideration being the assumption of the note.?

Customer:

Yes

Stephen E. Grizey :

Then you record the asset at cost.

Stephen E. Grizey :

Which sounds like the amount of the note assumed.

Customer:

Ok, that's what made sense to me.....but I needed to be sure. Thanks!

Stephen E. Grizey :

OK, no problem; be sure to do your building vs land allocation if that applies.

Stephen E. Grizey :

ie. it is improved property

Customer:

I split the two 50/50 since the assumption amount was so small.

Stephen E. Grizey :

Please remember to rate my response; if you have any follow-up questions I'd be pleased to answer them.

Stephen E. Grizey :

Usually we use the real estate tax assessment

Stephen E. Grizey :

to get the ratio between land & building

Customer:

ok, that makes sense.........I'll do that.

Stephen E. Grizey :

you might have more to depreciate that way?

Customer:

exactly

Stephen E. Grizey :

Y'all come back now, hear?

Stephen E. Grizey :

:}

Customer:

:) sure will!

Stephen E. Grizey :

Ask for me "Steve G"

Stephen E. Grizey :

at the beginning of your question

Customer:

ok

Stephen E. Grizey :

& I'll come running

Stephen E. Grizey :

>00<

Customer:

I need to sign up for unlimited service...........because I'm trying to do Partnership returns on TurboTax. I think they're right for the most part!

Customer:

The balance sheet in TurboTax is difficult though.

Customer:

Are you a CPA?

Stephen E. Grizey :

It can be; need to stick to double entries

Stephen E. Grizey :

Yes, a retired CPA

Stephen E. Grizey :

wise old owl now

Customer:

Great......I'll ask for you!

Stephen E. Grizey :

OK Janet, hope you avoid the storms

Customer:

Thanks.....!

Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,245
Experience: Extensive Experience with Tax, Financial & Estate Issues
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