What Is The Accounting Procedure For Income Taxes On Real Estate?

Private
Question

*Your Privacy Is Respected*

Send
Cancel

I was told by several accountants that even if I never took a depreciation deduction when doing my building income tax, I would still have to pay it back when I sold the building.

However, I called the IRS and asked this question. If I never took a depreciation each year  what accounting method do I use.

To my surprise the IRS agent said I must use a ‘Permissible’ accounting method. (or was it a ‘non-permissible’ method?)

Can you verify which one is correct?

Thanks

Dick

0
Accounting Methods 6 months 0 Answer 128 views 0

About dick2000

Answer This Question

Browse

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>