ending depreciation on a rental home.
Hi,
I once had an accountant who initiated claiming depreciation on my rental home. Last year, and this year, I have prepared my own taxes. I didn't (don't ) know how to figure the proper amount, so I put in a figure from the last time he prepared my taxes. Is there anyway to forgo depreciation altogether? I don't need it to save on taxes. I'm on social security with little income. I'm afraid the depreciation is about to exceed to profit on a future sale of my home.
If I can't discontinue entering depreciation, how can I figure it out for myself so that I put the proper number in? I've had a stroke, so please include baby steps where possible.
Thank you,
Susan