Tax FORM 3115 could be your friend.
I'm no tax expert, believe me. However, I'm starting to invest in real estate...and I'm a Realtor. If I didn't share this tid-bit of discovery with you I would be "withholding information". And that's just not right!
Most of us investing in real estate work with an accountant. This is a definite "consult your accountant" moment. He or she may not even realize you could possibly save double on your depreciation...simply by using a more in depth method. The purpose of this form is to change the way you file.
Our accountants tend to use the building depreciation method. This method is allowed for the majority of us and is simple. Did you know that many of us can file depreciation on the building...and personal property...and land improvements involved with that property? Yeah, me neither. It's a bit longer way, and you have to keep track of things, but don't we kind of do that anyway???
Maybe you already do this and can comment your experience. For the rest of us...ask your accountant. What do you have to lose?
Happy tax time!
I'm no tax expert, believe me. However, I'm starting to invest in real estate...and I'm a Realtor. If I didn't share this tid-bit of discovery with you I would be "withholding information". And that's just not right!
Most of us investing in real estate work with an accountant. This is a definite "consult your accountant" moment. He or she may not even realize you could possibly save double on your depreciation...simply by using a more in depth method. The purpose of this form is to change the way you file.
Our accountants tend to use the building depreciation method. This method is allowed for the majority of us and is simple. Did you know that many of us can file depreciation on the building...and personal property...and land improvements involved with that property? Yeah, me neither. It's a bit longer way, and you have to keep track of things, but don't we kind of do that anyway???
Maybe you already do this and can comment your experience. For the rest of us...ask your accountant. What do you have to lose?
Happy tax time!
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