I have a rental property am I allowed to claim depreciation on the dwelling if yes how?

Answer 1

While you could use a CPA, it really is not that difficult to complete your own taxes, even with a couple rental properties in the mix. Plus, even if you do use a CPA, it's your money being reported. You need to understand what the accountant is putting on the form. Not only do you want to know it's correct, but you are signing that you'll go to jail should the information be erroneous. Signing the form just because the CPA told you to would be irresponsible. Good for you for wanting to know this information. Most people would not be that responsible.

For any expenses dealing with your rental property, you would complete IRS Form 1040, Schedule E, Part I. Line 20 is where you put the depreciation.

Go to the http://www.IRS.gov and look under "Forms and Publications" for:
IRS Form 1040 Schedule E
IRS Form 1040 Schedule E Instructions
Publication 527

The last document walks you through depreciating a rental property. It's actually pretty easy to read. Should you have but one or two rental properties, you should be able to complete the tax form yourself or with the aid of readily available software such as Quicken.

Good luck!

Answer 2

you bypass with to circumvent to a CPA. you would possibly want to declare depreciation, yet its plenty % over a era of the type of type of years. complicated to appreciate the formula till ultimately you're an accountant because they replace stuff each and every of the time. Its really properly worth it to get a strong accountant.

Answer 3

You need to go to a CPA. You can claim depreciation, but its so much percent over a period of so many years. Hard to know the formula unless you are an accountant because they change stuff all the time. Its worth it to get a good accountant.