Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

I have a question about filing rental property depreciation?

I have a question...

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 schedule A for reduction of my capital gains?

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

Good morning Pearl I just typed the message. Can you see it please?

Show More
Show Less
Ask Your Own Tax Question
Answered in 2 minutes by:
3/27/2018
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,164
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified

Hello!

My name is***** will assist you today.

Please give me one moment while I review your question and type my initial response

Ask Your Own Tax Question
Customer reply replied 26 days ago
OK - I will wait on your response, Chad

If the property was a rental property you would report the information on Schedule E Supplemental Income and Loss (From rental real estate, royalties, partnerships, S corporations, estates, trusts, REMICs, etc.), not schedule A

Ask Your Own Tax Question

Please let me know your follow up questions.

Thank you

Ask Your Own Tax Question
Customer reply replied 26 days ago
if I spent a lot of money to build back the property before selling it can I depreciate in a one time amount rather than spread it over a number of years as I will not being owning it again?
Customer reply replied 26 days ago
Did you get my question?
Customer reply replied 26 days ago
Are you there chad?

Improvements are capitalized and depreciated generally over the life of the building or if in the example of a refrigerator

Yes, I am here. I am typing your response

Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,164
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified
Chad EA, CFP ® and 87 other Tax Specialists are ready to help you
Ask your own question now
Phone call session started
Was this answer helpful?
Ask Chad EA, CFP ® Your Own Question
Chad EA, CFP ®
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,164
2,164 Satisfied Customers
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA

Chad EA, CFP ® 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

4,451 satisfied customers

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

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

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

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 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
Do Airbnb rentals go on Schedule E or schedule C? I have
Do Airbnb rentals go on Schedule E or schedule C? I have both long and short term rentals in 3 properties… read more
abci168
abci168
Principal
27 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
For 1040 schedule E, if the flooring (carpet, or hardwood)
For 1040 schedule E, if the flooring (carpet, or hardwood) get damaged and replaced, can the cost be considered as “Repair” on Line 14? Or something else?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,939 satisfied customers
We file a Schedule E to document farm rent and property
We file a Schedule E to document farm rent and property taxes paid for farm owned. Do I need to provided an EIN to the person who is just renting my land for farming. … read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
Are there any changes on 2017 Forms 4562 and Schedule E (for
are there any changes on 2017 Forms 4562 and Schedule E (for rental property) over previous year 2016? What about Schedule A?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I'm filing on e-file and I'm being asked to shop Schedule E
I'm filing on e-file and I'm being asked to shop Schedule E form, I don't have a business, I just lease a condominium. I've got the 1099-MISC from the company I lease to. … 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
15,124 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 ®
CERTIFIED FINANCIAL PLANNER TM, Professional
2,164 satisfied customers
Can airfare be deducted for a schedule e rental property if
Can airfare be deducted for a schedule e rental property if it was to go and perform maintenance on the property? If so where on schedule e should it be deducted?… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
A real estate partnership has several rental properties. The
A real estate partnership has several rental properties. The partnership has been in existence over 30 years and has only a couple mortgages.The partnership has no other activity except renting real e… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
931 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
I am filing schedule E instructions seem to say we are not
I am filing schedule E instructions seem to say we are not eligible if our MAG is over 100K, ours is 105K later in instructions, it says MAG does not include taxable ss ..if not, . then we fall under … read more
Carter McBride
Carter McBride
LLM
966 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
15,124 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
Do I pay capital gains on rental property sold in 2017 if I
do I pay capital gains on rental property sold in 2017 if I bought a house in 2018? … read more
abci168
abci168
Principal
27 satisfied customers
What is the defintion of Fair Rental Days (on schedule E)?
What is the defintion of Fair Rental Days (on schedule E)? And can I include investment land on schedule E if it is owned by my rental property LLC?… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
931 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
If my Schedule E loss is disallowed for a rental property
If my Schedule E loss is disallowed for a rental property (due to income level), can I take the mortgage interest and real estate taxes paid on Schedule A instead of on Schedule E?The entire expense a… read more
Chad EA, CFP ®
Chad EA, CFP ®
CERTIFIED FINANCIAL PLANNER TM, Professional
2,164 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