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Manual taxes on a newly purchased rental property

Customer Question
manual for filing taxes on...
manual for filing taxes on a newly purchased rental property
Submitted: 1 year ago.Category: Tax
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Customer reply replied 1 year ago
Changed my mind, sorry. No longer interested in a questions
Answered in 8 minutes by:
2/28/2016
Tax Professional: Anne, Master Tax Preparer replied 1 year ago
Anne
Anne, Master Tax Preparer
Category: Tax
Satisfied Customers: 2,439
Experience: Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses
Verified

Hi

I'm Anne. I've been preparing taxes for 27 years and I'll be happy to help you.

The manual you are looking for is below: (IRS Pub 527 Residential Rental Property)

https://www.irs.gov/pub/irs-pdf/p527.pdf

The answer to the specific question re: restoration/remodeling expenses is that these expenses is that these expenses are added to the cost basis and is then depreciated once the house is "rent ready".

If you have further questions, please post them here & I'll be notified.

If this answer has helped you, then please rate positive by clicking on the stars.

It is ONLY through positive ratings that we are compensated for our time and knowledge.

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Anne
Anne
Anne, Master Tax Preparer
Category: Tax
Satisfied Customers: 2,439
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