If I don't claim depreciation, is the tax basis of the property still reduced?

October 19, 2006


If I do not claim depreciation for my rental property, is the tax basis of the property still reduced for the depreciation I should have claimed?

Answer

Date:  04 Oct 2006

Yes. The tax basis of depreciable property is reduced by accumulated depreciation allowed or allowable. There are some new procedures available to "catch up" unclaimed depreciation, including for the year of sale. See a professional tax return preparer for help.

Good luck!
Mike Gray

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