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Updated over 12 years ago on . Most recent reply presented by

User Stats

18
Posts
3
Votes
Jeff Wang
  • San Francisco, CA
3
Votes |
18
Posts

Depreciation

Jeff Wang
  • San Francisco, CA
Posted

Hello,

I have become an accidental landlord for the last 2 years. I rented out my house and I don't think I took depreciation correctly. I was using HR Block basic, which didn't help very much in terms of that. Questions:

(1) Should I be using HR Block Deluxe/Premium to do this or use a CPA?

(2) If I didn't claim depreciation, do I file an amendment or a catch up?

(3) I understand that I can depreciate the building only over 27.5 years. So if I bought the house for 695k and the land is worth 200k, I can only depreciate 495k right?

(4) Regarding home improvement, I can depreciate appliances over 5 years right?

(5) I remodeled my kitchen and bathrooms, do I add the cost of that to the cost basis? If i do that, how do I take into account the cost of appliances, etc since I'm depreciating on a different timeline (27.5 vs 5 years)

Thanks!

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