Depreciating Existing Appliances
Folks,
We turned our principal residence to a rental.
Now how do you calculate depreciation of the
appliances? I have gone over the IRS stipulations.
However, i still have the following questions.
Most of the appliances came with the house. We
did replace some when we lived there and was
long before it was rented out.
How do i plug in dates it was put into service and
since some of the appliances are depreciated
over 5 years, how do i do this?
Grr. Its tax time.
Thanks
Krish
Folks,
Found the answers after reading thru the IRS
document on depreciating the appliances/carpet etc.
I used Turbo tax and it has provisions to do this.
-Krish
Read your lease carefully before proceeding. Our lease is written so all unrelated adult tenants have to be on the lease and are treated in entirety. If one bails the others are still responsible. One rent check, one deposit check, etc. Also, any new occupants have to be added to the lease with landlord approval. Disputes are settled between the tenants.
Keep us informed.
Jim
Quote:
On 2006-02-03 12:55, jimandlacy wrote:
Read your lease carefully before proceeding. Our lease is written so all unrelated adult tenants have to be on the lease and are treated in entirety. If one bails the others are still responsible. One rent check, one deposit check, etc. Also, any new occupants have to be added to the lease with landlord approval. Disputes are settled between the tenants.
Keep us informed.
Great point. Read the lease and see what it says before suing the tenant. After reading it, talk to the other roommates and see what you guys can work out before proceeding.
Thanks for your advice. I sent a letter to all the tenants saying they are all resposible for the amount owed for the remainder of the lease and if the full amount was not paid the evicition process would be started. I went on to explain that whatever arrangement they had was not my business and that they should contact small claims court if they could not reach an agreement with each other. I received their rent and late fee!