Re: Keep in mind that you can deduct...... - Saab General Bulletin Board - Saabnet.com
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Re: Keep in mind that you can deduct......
Posted by Tim (more from Tim) on Thu, 27 Sep 2012 10:33:56
In Reply to: Re: Keep in mind that you can deduct......, Snowmobile [Profile/Gallery]
, Thu, 27 Sep 2012 09:14:03
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Only for income generating rental houses/buildings, capped by the income after all your other business expenses related to running it. Building depreciation is considered expense for generating the rent income (i.e. not applicable for one's own home without tenant). In the US, rental houses follow the 27.5yr pro-forma depreciation schedule for the building building portion of the value (i.e. excluding land). If the house sells for more than the depreciated value at the end, you have to book the difference including recapture as capital gain. There is a $250k tax exemption on capital gain on primary residence ($500k if married and filing jointly in the year that the final sale takes place). Primary home qualification is defined as at least 2 out 5 immediate preceding years prior to sale. If you are no longer living there by then, there is another way to delay the capital gain tax at the end: link-exchange, buy another rental property comparable or larger within one year of selling.
posted by 75.69.1...
Posts in this Thread:
- OT: Renting a room in my house and Taxes., B Millar , Thu, 27 Sep 2012 07:02:59
- Well, I am a CPA, and this is rent..., RodM, Thu, 27 Sep 2012 18:21:20
- Yes, but spend the money on a local advisor, Noel, Thu, 27 Sep 2012 11:32:02
- Check with a CPA, but my mom did for years., EricG, Thu, 27 Sep 2012 11:11:48
- We rented part of our house for years.., Cary, Thu, 27 Sep 2012 10:15:16
- In a word....., MI-Roger , Thu, 27 Sep 2012 07:07:15
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