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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

We have more answers to frequently asked real estate tax questions! We also offer up-to-date information about new tax real estate tax developments in Michael Gray, CPA's Real Estate Tax Letter.

IRS Circular 230 Disclosure: As required by U.S. Treasury Regulations, you are hereby advised that any written tax advice contained on this website was not written or intended to be used (and cannot be used) by any taxpayer for the purpose of avoiding penalties that may be imposed under the U.S. Internal Revenue Code.

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

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