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Rental property entered into a LLC, when do the property…

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Rental property entered into...

Rental property entered into a LLC, when do the property write offs start? After incorporation or for the calendar year of incorporation?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

Owned property converted to renal property then put in a Llc.

Accountant's Assistant: Is there anything else the Accountant should be aware of?

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Submitted: 4 months ago.Category: Tax
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12/9/2017
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 4 months ago
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
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Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
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Q: when do the property write offs start?

A: The property write offs start when you place the property into service for rental purposes.

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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 4 months ago

Additionally, the IRS allows you to deduct $5,000 in business startup costs and $5,000 in organizational costs,

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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 4 months ago

The date placed in service is the date when the property was available for rent.

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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 4 months ago
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