Depreciation and Amortizaton (form 4562) for rental home


C

caigiday

I had a home rented out in 2006, do I (or can I file form
4562 for depreciation)?

I already filled out Schedule E - Supplemental Income and
Loss. In case i can fill out form 4562, how can I file my
home (in term of cost, cost of land) if the current value of
my house is $120,000

thanks in advance
 
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M

Mike Wellman

I had a home rented out in 2006, do I (or can I file form
4562 for depreciation)?

I already filled out Schedule E - Supplemental Income and
Loss. In case i can fill out form 4562, how can I file my
home (in term of cost, cost of land) if the current value of
my house is $120,000
Depreciation is based on your basis - cost plus any
improvements - not current value. You should apportion the
basis between land and house based on an appraisal or
relative tax valuation.
 
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P

parrisbraeside

I had a home rented out in 2006, do I (or can I file form
4562 for depreciation)?

I already filled out Schedule E - Supplemental Income and
Loss. In case i can fill out form 4562, how can I file my
home (in term of cost, cost of land) if the current value of
my house is $120,000
The form 4562 is filed only when there are changes to your
assets for the rental. If you bought or sold things, then
you file the 4562, otherwise you claim the depreciation and
hold on to your worksheets.
 
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P

parrisbraeside

I had a home rented out in 2006, do I (or can I file form
4562 for depreciation)?

I already filled out Schedule E - Supplemental Income and
Loss. In case i can fill out form 4562, how can I file my
home (in term of cost, cost of land) if the current value of
my house is $120,000
Realizing after that you where wondering of how, I would
look at the instructions for the form. The link is:
http://www.irs.gov/pub/irs-pdf/i4562.pdf

Page 15 has a very good worksheet
 
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M

Missy

Time to hire a tax professional. At least for the first
year.

MIssy Doyle
 
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