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ShawnA
ShawnA, CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions.
Category: Tax
Satisfied Customers: 2884
Experience:  CPA, Professor, CFP. CGMA, Business Consultant, Professor, PFS I have decades of experience answering these questions.
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I purchased a rental house in 2010 for $130k under my

Customer Question

Hello, I purchased a rental house in 2010 for $130k under my own name (title); within two months, then I transferred the title grand deed to my partnership LLC. The county assessor office reassess the property value for $125k. I have been taking the depreciation
of $3600 based on the assessed value of $125k. Now (Jan. 2015) we dissolved the LLC partnership. I transferred the same property from LLC back to my own name. The county assessor office reassess the property again. This time the property value is $220k. (background
information) My question is. 1. Can I reset the depreciation, since the value has gone up set by the county assessor office. 2. Can I reset the depreciation year to 2015 tax year or should I continue with the first depreciation year in 2010? Thank you.
Submitted: 2 years ago.
Category: Tax
Expert:  ShawnA replied 2 years ago.

1, Your depreciation basis is the cost and never changes. Despite what the assessor does.

2. Continue with the 2010 depreciation.

If you would like a call please let me know and we can discuss in greater detail.

Customer: replied 2 years ago.

Yes. It will be great if you can call me. My number is(###) ###-####

Thanks,

Tony

Expert:  ShawnA replied 2 years ago.
I just sent the offer
Expert:  ShawnA replied 2 years ago.

Wounded Warrior is going to receive all my earnings this month in honor of my Memorial Day and my dad being a disabled vet.

If you have further questions please ask. If this answers your question please submit at least an OK rating so I get paid and can donate the money.

Thanks.