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#1
02-02-2009, 03:29 PM
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Need help with duplex (Schedule E and form 30What is the name of your state (only U.S. law)? NY I'm pretty well versed with doing my own taxes, using turbotax or whatever.. I have the 2008 home and business edition here. This year I bought my first house, a duplex. I live in the lower, and the upper is rented. Can someone walk me though what to do with the taxes? I'm claiming half of the mortgage interest on the schedule A, half on the schedule E. Same with the taxes, and PMI. I write off half of the water bill. I put about 5 grand into the house. I have every single receipt for that 5 grand. Most items were buying supplies to repair the house myself. Paint, little tools, gutters.. Do I claim these items under "supplies" or "repair".. I bought about 1900 dollars in new appliances for the rental unit. I am on the page where I depreciate the items. Example Stove for 350 dollars or whatever, then depreciate that over 5 years.. My final and most important question... I understand that I can depreciate the rental unit. Would I put the purchase price for the rental unit to be exactly half of what I paid for the house? I'm pretty confident I can get the taxes done myself, its just the depreciation that is stumping me for right now... As it turns out, I'm going to be claiming a loss of about 1200 dollars for this year on the unit. This was because I only got 5 months of rent out of it, and we totally refurbished the entire place. |
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#2
02-02-2009, 03:48 PM
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| I'm not sure all your refurbishing is an expense, you may need to capitalize it. (Of course, you also need to allocate.) You will have to find out a defendable allocation (often sq ft) to determine the business/personal use of the duplex. Multiply the total basis by that amount to find your depreciable basis.
__________________ When you are a Bear of Very Little Brain, and you Think of Things, you find sometimes that a Thing which seemed very Thingish inside you is quite different when it gets out into the open and has other people looking at it. --W. T. Pooh (aka A. A. Milne) |
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#3
02-02-2009, 06:48 PM
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| Thanks, The house is a two family duplex. Both apartments are of equal size, so I am splitting the deductions 50/50 between the schedule A and the schedule E. Right now I'm having problems determining the value of the land for the depreciation. Unimproved, and improved. I do not have a tax bill yet to get this information from. |
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