Homework Answers
Cost of rental house = $135,000
Amount attributed to the land = $35,000
Since, land is not depreciated, we will subtract it from the cost of rental house
Adjusted basis of rental property = $135,000 - $35,000
= $100,000
Residential rental property are depreciated on straight line basis for 27.5 years
Depreciation each year = $100,000/27.5 = $3,636.36
In 2018, the rental house was sold in August 2018.
No of months the property was in service in 2018 = 8
Depreciation to be deducted in 2018 = $3,636.36 * 8/12 = $2,424.24
Answer is $2,425.
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