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Dave H (MI)

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  • J
    Dave, I posted a tax question. I just was wondering, I closed on a rental property on Jan 31 of 2023. When I figure the depreciation for 2023 (only Jan.) I simply multiplied 31/365 times the yearly depreciation value of the property for a normal year. Does that make sense? I couldn't find a clear answer from IRS instructions.

    JH
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    D
    Dave H (MI)
    Rentals are pretty trouble free in terms of IRS attention. It is generally understood that these are used to generate losses that can be used either currently or in the future to offset other income. That is why the whole passive activities concept was adopted back in the 1990's I believe. Making money is a good thing.
    J
    jhwis
    Are you still a CPA? What kind of CPA work do/did you do? Also, what kind of farming are you involved in? I'm just curious if you don't mind me asking?
    J
    jhwis
    Last tax question if you don't mind. On that rental sale...when figuring the capital gains (4797) do I use original purchased price plus eligible closing costs and then the sale price plus selling closing costs? I assume yes.
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