Ask Experts Questions for FREE Help !
Ask
    alex1491's Avatar
    alex1491 Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Feb 19, 2007, 12:08 PM
    Schedule C home depreciation and effect on eventual sale of home in the future
    I am debating if I should take depreciation on my personal home onto my federal schedule C.
    Let me explain, My gut feeling tells me that when I eventually sell my personal home I will be forced to add back all the depreciation I have taken on my schedule C for all those past years as income for when I sell the personal house. To a lesser extent, I am concerned about those blasted potential audits by the IRS, which I rather not have.
    I already allocate a portion of my real estate taxes, but do I have to do the depreciation ?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Feb 19, 2007, 06:35 PM
    No, you do not HAVE to do the depreciation. That is unusual, but it is an option on Business Use of the Home.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Tax rate on sale of home [ 3 Answers ]

If I sell a my home within two years of purchase and can't use the exclusion clause, and if I am in the minimum tax bracket, what will be the capital gains tax rate charge for sale of my home? Thanks

Tax on sale of deceased Mother's home [ 1 Answers ]

My Mom sold her house and three days later she died. I am an only child and sole heir. When I went to the closing I found she had put my name on the deed to the house with her as joint tenants after my Dad had passed away in 1998. I was given two checks for the sale price. One in my name...

Mobile home for sale [ 1 Answers ]

I have a mobile home for sale that sits on aproximetly a half acre lot I own but I can't seem to sell outright because banks won't give loans because it is a mobile home should I sell it land contract

Home improvement and depreciation [ 3 Answers ]

In 2005, I made an improvement to my home (built a deck). I also rent out two rooms in my home. I depreciate the portion of the home rented. Am I required to depreciate the expenses for this home improvement? Or is depreciation on home improvement optional? Thank you

Title transfer during sale of manufacture home question? [ 1 Answers ]

Me and my wife sold our home in oct of last year 04 and we just received a tax bill for the property taxes.We have not even lived in the home for a year. I am trying to get a hold of the people that sold our home for us but they have not called us back yet. Does anyone know if the people that...

View more questions Search