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All Forum Posts by: Adem Tahiri

Adem Tahiri has started 2 posts and replied 2 times.

Post: Depreciation on tax returns (rental property)

Adem TahiriPosted
  • Investor
  • Grayslake, IL
  • Posts 2
  • Votes 1

I sold a rental property this year and have to account for depreciation I took in prior years. Which form of my prior years tax returns would have the correct amount that I should account for recapturing now that the house sold in 2016.

p.s. Yes, next year I am going to pay a professional to do my taxes, lol.

I am considering hiring a property management company for a rental but I've heard that, in doing so, the rental income will be classified as a passive investment for me. My worry is that I would not be able to write major expenses (roof, plumbing, etc.) off of my other, non real estate, income, should this happen. Does anyone have insight into this?