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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?

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Answered in 2 minutes by:
3/27/2018
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Tax
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Hello!

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

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

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Customer reply replied 3 months 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

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Customer reply replied 3 months 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 3 months ago
Did you get my question?
Customer reply replied 3 months 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

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Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Tax
Satisfied Customers: 2,637
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
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