Updated about 10 years ago on . Most recent reply
Depreciation question
Hello everyone. I purchased a 9 unit apartment on 12/21 of last year. I have a few questions regarding taxes and depreciation.
1. Do I need to file taxes for the property when I didn't earn anything the first 10 days?
2. If so do I need to start depriaciation?
3. Also, would I depreciate the property as a commercial property since it is 9 units. I have heard that I would depreciate the property for 39 years instead of 27.5
Any help on answering these questions would be greatly appreciated!
Most Popular Reply
Grats, my friend! I have some EXCELLENT news for you: You are now so successful that it's time to stop doing your own taxes and hire a CPA to be part of your team!
Not the answer you wanted, but something to consider now that you own commercial real estate and are in the IRS targeting zone for auditing.