Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

How do I report depreciation apartment's vacant years from…

Customer Question
How do I report depreciation...
How do I report depreciation for an apartment's vacant years from 2011-2014 but which was rented prior to 2011 and has been rented currently from July 2015?
Submitted: 2 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 8 minutes by:
3/3/2016
Tax Professional: Tax-Scholar, CPA replied 2 years ago
Tax-Scholar
Category: Tax
Satisfied Customers: 89
Experience: Helping customers comply with and plan for income taxes
Verified

Hello and welcome to Just Answers. Do you mind sharing more information? Why was the property vacant from 2011-2014? Was the property under construction or available for lease? In order to claim depreciation the property has to be in service. This requries that it is available and ready for use even if no tenant has moved in.

Ask Your Own Tax Question
Customer reply replied 2 years ago
The property was in prime condition and available for lease during the entire 4 year period. No renters were available.
Customer reply replied 2 years ago
03 March 2016 03:46
The property was in prime condition and available for lease during the entire 4 year period. No renters were available.
Tax Professional: Tax-Scholar, CPA replied 2 years ago

Since the property is available for use you are entitled to depreciation and other holding costs. These should be reported on IRS Form 8825 and attached to your tax return. Other deductible cost would include real estate taxes, insurance, interest, etc. Other tax rules could however limit the deduction you are able to claim such as the passive activity loss rules.

Ask Your Own Tax Question
Was this answer helpful?
Ask Wallstreet Esq. Your Own Question
Wallstreet Esq.
Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 586
586 Satisfied Customers
Experience: 10 years experience

Wallstreet Esq. 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
Is it necessary to pay real estate taxes on leasing. Omaha
is it necessary to pay real estate taxes on leasing … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,244 satisfied customers
The allocation of mortgage interest & real estate taxes on a
the allocation of mortgage interest & real estate taxes on a married filing separately.return one spouse owns the house and his name is ***** ***** name on the mortgage.Is the other spouse entitled to… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Are property taxes on a first and second home tax deductible
Are property taxes on a first and second home tax deductible in the same year on schedule A?… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
If I am filing an ez1040 form can I deduct my property
If I am filing an ez1040 form can I deduct my property taxes? Or is only if I'm using the long form? And is there a fee for this service? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,272 satisfied customers
I need to amend my 2016 return. the real estate taxes were
I need to amend my 2016 return. the real estate taxes were understated. can turbo tax download the 2016 return into 1040X? Can I just show the adjusted amount. … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,129 satisfied customers
We have a real estate tax question that is NOT related to
We have a real estate tax question that is NOT related to filing 2017 taxes. May we ask you these questions? … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,244 satisfied customers
A question regarding interest deduction for time share
HI THERE. A question regarding interest deduction for time share payments. My wife and I have 2 time shares.. Blue Green .and Diamond Resorts. Both annually mail us interest paid reports for taxes. Th… read more
Carter McBride
Carter McBride
LLM
1,077 satisfied customers
Can I take mortgage interest and the standard deductions?
Can I take mortgage interest and the standard deductions? … 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
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
RENTAL TAXES How do you deduct points from refinance form
RENTAL TAXES How do you deduct points from refinance form 1098? Does it go on schedule E and do we deduct the entire amount or amortization/depreciate? the amount is about 25K in box 6 and the mortgag… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Possibly. I have a question related to real estate taxes. A
A family member passed away and left their residence via their will to 3-4 kids in my family. Have been trying to sell the property for 3 years and just did in 2017.… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,129 satisfied customers
Lane, Can property taxes be deducted on form 1041? Say the
Lane,Can property taxes be deducted on form 1041? Say the decedent paid 12,000 in property taxes. Decedent died on August 1st. Should 7,000 be deducted on 1040 Sch A and left over goes to 1041?… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Can I deduct mortgage interest, real estate taxes, utilities
Can I deduct mortgage interest, real estate taxes, utilities and condo fees for a commercial rental property that I have not made available for rent? I am assuming that Building appraisal fees, and le… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
On the 1040A form how can i deduct state property tax (
on the 1040A form how can i deduct state property tax (Washington State)? … read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
242 satisfied customers
Can you claim interest or depreciation on a rental property
Can you claim interest or depreciation on a rental property if the tenant is a relative and the relative pays the mortgage and interest and insurance? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,272 satisfied customers
Has the IRS made any ruling on the deduction of state
Has the IRS made any ruling on the deduction of state withholding tax and real estate taxes on Schedule A for 2018. Will there be a requirement to deduct withholding in total before moving to real est… read more
abci168
abci168
Principal
27 satisfied customers
I know that real estate taxes and interest on the note for
I know that real estate taxes and interest on the note for the property are not considered start-up expenses subject to amortization. So does that mean that they are deductible expenses to the busines… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,027 satisfied customers
Can a parent deduct Form 1098-E Student loan interest paid
Hi. Can a parent deduct Form 1098-E Student loan interest paid on their tax return instead of the students return. Student qualifies as the parents dependent. … read more
Fred Rook
Fred Rook
Corporate Controller
BSBA
129 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