Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

My issue is basis coop unit I started renting in 2015
,

Customer Question
Hi, I am Prabir...

Hi, I am Prabir Bhowal. My issue is basis for depreciation for a coop unit I started renting in 2015

Accountant's Assistant: Thanks. Can you give me any more details about your issue?

I looked P527, got the coop info, and figured adjusted basis per p. 16 (changed to rental). It said smaller of adj. basis or FMF which is adjusted basis minus straight line depreciation, unless the value is unrealistic. It's the last part, straight line depreciation that I dont understand

Submitted: 2 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 19 minutes by:
1/30/2016
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,228
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi,

...

I can help you here.

...

Straight line depreciation means dividing the basis by equal amounts over the depreciation period

...

for example, if the depreciation period is 5 years ... straight line depreciation would have a depreciation expense of 1/5, of that adjusted basis or fair market value, per year.

Ask Your Own Tax Question
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

Here's an excellent overview of the subject: http://www.investopedia.com/articles/06/depreciation.asp

...

Hope this has helped … let me know if you have questions

...

If this HAS helped, I'd really appreciate your positive rating … (by using the stars or rating request on your screen) … … That’s the only way JustAnswer will credit me for the work.

...

Thank you,

Lane

Ask Your Own Tax Question
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago

Hi,

...

I’m just checking back in to see how things are going.

...

Did my answer help?

...

Let me know…

...

Thanks

Lane

Ask Your Own Tax Question
Was this answer helpful?
Ask Lane Your Own Question
Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,228
14,228 Satisfied Customers
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

Lane 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:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,495 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,272 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

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

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
The federal government gives you a tax credit for foreign
The federal government gives you a tax credit for foreign taxes paid in another country Does New York State offer a tax credit for the same If yes , where would it be found, on what form… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,132 satisfied customers
Turbo Tax is asking me for "8824: 100% depreciation" of a
Turbo Tax is asking me for "8824: 100% depreciation" of a business vehicle that was totaled. I'm not sure what they are looking for, here. … read more
Mark Anderson
Mark Anderson
Attorney
Doctoral Degree
10 satisfied customers
Im trying to depreciate my vehicle that i drive for
im trying to depreciate my vehicle that i drive for business.whats the difference between depreciation and amt depreciation … read more
Mike-USACPA
Mike-USACPA
9 satisfied customers
Regarding depreciation recapture. My understanding is that
Regarding depreciation recapture. My understanding is that it is all recaptured upon sale of the property if a gain is realized. So if someone is in the 0% tax bracket while renting out the property a… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
How much depreciation is on a 2017 Nissan Sentra for 2017?
how much depreciation is on a 2017 Nissan Sentra for 2017? … read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
837 satisfied customers
Can bonus depreciation be taken for residential rental
Can bonus depreciation be taken for residential rental property improvements? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Tax Question:? What happens to the remaining depreciation
Tax Question:? What happens to the remaining depreciation when an asset is taken out of service early?… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,244 satisfied customers
I want to calculate the depreciation of a semi truck and
I want to calculate the depreciation of a semi truck and where do i claim it on my taxes … read more
Lane
Lane
JD, CFP, MBA, CRPS
14,228 satisfied customers
It has to do with depreciation on rental property.
It has to do with depreciation on rental property. … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,272 satisfied customers
Does 1250 depreciation recapture rules apply if a property
Does 1250 depreciation recapture rules apply if a property is sold at a loss AND depreciation was not taken on the property. The difference between the adjusted basis (had depreciation been taken) and… read more
Lane
Lane
JD, CFP, MBA, CRPS
14,228 satisfied customers
Sold my rental property in Dec 2017. For depreciation
Sold my rental property in Dec 2017. For depreciation recapture, do I only include depreciation taken in previous years or do I also depreciate for 2017 and include the amount of depreciation for 2017… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,244 satisfied customers
I have a question regarding depreciation. I have a
I have a question regarding depreciation. I have a partnership and we file 1065. My question is traditionally is the depreciation expense higher the first and less as the years go on?… read more
Carter McBride
Carter McBride
LLM
1,077 satisfied customers
Which of the following is true of depreciation for an
Which of the following is true of depreciation for an estate?It is allocated between the trust and beneficiaries based on the income allocated to each. It is allocated entirely to the estate for tax p… read more
Carter McBride
Carter McBride
LLM
1,077 satisfied customers
Which of the following is true regarding depreciation on a
Which of the following is true regarding depreciation on a trust?It is allocated in its entirety to an income beneficiary and reported on Schedule K-1 It is allocated in its entirety to the trust on F… read more
Carter McBride
Carter McBride
LLM
1,077 satisfied customers
Taxes. In regards to the new tax laws. The child credit.
Taxes.In regards ***** ***** new tax laws.The child credit. Please explain. I have 4 kids. Is it a deduction or a credit. And is there a limit and I believe I read It's 2k per kid. Do you simply get c… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Re:The tax credit for hybrid vehicles. Is credit available
Re:The tax credit for hybrid vehicles. Is credit available for leased vehicles or just purchased ones. If available for leased please provide me support for my files.… read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
242 satisfied customers
Is there any tax benefit to depreciating a rental property
Is there any tax benefit to depreciating a rental property held in an LLC in a Solo 401k? Do I even need to depreciate at all since the balance is below $250k?If there is no benefit, is there some way… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Regarding bonus depreciation and section 179 depreciation.
Regarding bonus depreciation and section 179 depreciation. Are you allowed to elect to only use 50% bonus depreciation and elect not to use section 179 depreciation first?… read more
abci168
abci168
Principal
27 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