Posted by John K Haslach, CPA, MST on April 09, 2005 at 04:07:34:
If you are buying depreciable property, you have to take depreciation. If you do not, when you sell it, the IRS will treat it as if you did and reduce your basis by the amount you should have taken.
Tax depreciation on land contract - Posted by Kathleen Cory
Posted by Kathleen Cory on April 08, 2005 at 19:14:26:
I’ve searched the archives using the above words. I could not find the answer. I am buying two houses on land contract. Do I take the depreciation allowance? I am renting out both properties.
Re: Tax depreciation on land contract - Posted by William L Exeter
Posted by William L Exeter on April 09, 2005 at 12:52:02:
Yes, you do take the depreciation.