Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

My question is about depreciation for rental property. My…

Hello. My question...

Hello. My question is about depreciation for rental property. My rental property had no income during one year. In this case, since there was no income, I do not need to claim depreciation for that same year, correct?

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

This is located in NH.

Show More
Show Less
Ask Your Own Tax Question
Answered in 5 minutes by:
11/8/2017
Fred Rook
Fred Rook, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 129
Experience: 20+ years as a Certified Public Accountant, including 19 years working in public accounting firms with extensive tax, audit, write-up and consulting experience.
Verified

Hello, my name is ***** ***** I will be happy to assist you. You can claim depreciation as long as the property is placed into service. Said another way, the IRS lets you deduct ordinary and necessary expenses required to manage, conserve, or maintain propety that you rent to others. You are allowed to deduct these expenses if your property is vacant, as long as you are trying to rent it. Such expenses include, but are not limited to maintenance, repairs, utilities, real estate taxes, mortgage interest, AND depreciation. Let me know if this answers your question. Thank you for choosing JustAnswer! Have a great day!

Ask Your Own Tax Question
Customer reply replied 6 months ago
Hello Fred. My question is about whether it's optional to claim depreciation in a year when I have no rental income.I prefer to not depreciate that year.(Also, I'd like to later sell the property and do not want to recapture that year's depreciation at the time of sale.)

You don't have to take depreciation for the year. You can always take the position that the property was not in service at the time and therefore no deprecation would be warranted.

Ask Your Own Tax Question
Customer reply replied 6 months ago
Thanks, ***** ***** to clarify: if the property is not in service, is it optional to deduct the other possible expenses -maintenance, repairs, utilities, real estate taxes, mortgage interest, etc) , if any?

Yes, you wouldn't deduct those either if the property is not placed in service.

Fred Rook
Fred Rook, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 129
Experience: 20+ years as a Certified Public Accountant, including 19 years working in public accounting firms with extensive tax, audit, write-up and consulting experience.
Verified
Fred Rook and 87 other Tax Specialists are ready to help you
Ask your own question now
Customer reply replied 6 months ago
Thanks for the clarification, Fred.

My pleasure - glad I could help!

Ask Your Own Tax Question
Was this answer helpful?
Ask Fred Rook Your Own Question
Fred Rook
Fred Rook
Fred Rook, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 129
129 Satisfied Customers
Experience: 20+ years as a Certified Public Accountant, including 19 years working in public accounting firms with extensive tax, audit, write-up and consulting experience.

Fred Rook 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
I sold a rental property in june of' '17 for 498,000
i sold a rental property in june of' '17 for 498,000 (property A). it's appraised value was 471. i bought a replacement rental property (property B) within 180 after identifying it within 45 days of t… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,119 satisfied customers
A HOUSE WAS INHERITED AND USED AS RENTAL PROPERTY FOR 2
A HOUSE WAS INHERITED AND USED AS RENTAL PROPERTY FOR 2 YEARS THEN THE NEXT 2 YEARS IT WAS HELD FOR INVESTMENT AND IMPROVEMENTS MADE TO BE SOLD. HOW TO REPORT THE SALE (IT WAS A GAIN) AND RECAPTURE TH… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,213 satisfied customers
I own a rental property that has been depreciated for 10
I own a rental property that has been depreciated for 10 years. For liability reasons I want to transfer it to an S Corporation or an LLC. Does the property now have a new base?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 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
I purchased a rental property in Nov 2016. It was not placed
Hi. I purchased a rental property in Nov 2016. It was not placed in service until Feb 2017. From what I understand, all the expenses prior to placing in service (new flooring, countertops, etc) must b… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,027 satisfied customers
Tax Question. Taxpayer has rental property and sustains
Tax Question. Taxpayer has rental property and sustains flood casualty loss. His expenses to repair exceed the insurance payments. If this is reported on Form 4684 does this properly flow to the 1040,… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 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
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
2,213 satisfied customers
I have a question about filing rental property depreciation?
I have a question about filing rental property depreciation? I owned a rental property and recently had to sell it but I had to spend an awful lot of money before the sale? How do I report this on sch… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,213 satisfied customers
If a decedent owned a rental property and reported on their
If a decedent owned a rental property and reported on their 1040. What happens after they die and the rental properties are still reporting income. The income gets reported on form 1041? What will be … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I am trying to claim the depreciation on rental property
I am trying to claim the depreciation on rental property placed in Jan 2017. Which section should I claim using 4562 form… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 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
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
I have a rental property. I have a rental property. I know
I have a rental property. I know that rent income is taxable but are security deposits, utility deposit refunds and money from the tenant for damages considered taxable income? … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,296 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
Question regarding rental property income, I have a rental
I have a rental property in North Carolina. My gross income is $9900 per year. My mortgage is $690 per month. I'm using Turbo Tax software. It is calculating my income tax as NET is $9900. This is my gross. Can I deduct my mortgage payment from the $9900 to give the actual NET income? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
When a partner contributes depreciated rental property to a
Hi, when a partner contributes depreciated rental property to a partnership, does the partner report anything on partner's individual tax return? Such as a transfer or disposition on Form 4797? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
What happens if I depreciated a rental property last year
What happens if I depreciated a rental property last year but before a year has passed the property is either sold or goes into foreclosure. It's my understanding that a depreciated rental property is… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,272 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