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Fundamental rules of depreciation for United States Property

  1. Residential buildings (dwellings, apartment buildings, condominiums, and co-op apartments) must be depreciated over 27.5 years.
  2. Land is not depreciable.
  3. Furnishings may be depreciated over 5 years. When or if they are junked before the end of 5 years, with no dollars received, the un-depreciated cost may be deducted in the year of disposition.
  4. Paint jobs generally are a […]
By |2015-07-10T16:50:17-07:00July 10th, 2015|Articles|Comments Off on Fundamental rules of depreciation for United States Property
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Unused ITINS To Expire After Five Years

Individual Taxpayer Identification Numbers (ITINs) will expire if not used on a federal income tax return for five consecutive years, the Internal Revenue Service announced today. To give all interested parties time to adjust and allow the IRS to reprogram its systems, the IRS will not begin deactivating ITINs until 2016.

The […]

By |2015-06-18T21:08:12-07:00June 18th, 2015|Articles|Comments Off on Unused ITINS To Expire After Five Years
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Managing Your Tax Records After You Have Filed

Keeping good records after you file your taxes is a good idea, as they will help you with documentation and substantiation if the IRS selects your return for an audit. Here are four tips from the IRS about keeping good records.

  1. Normally, tax records should be kept for three years.
  2. Some documents — such as records relating […]
By |2021-09-20T11:00:11-07:00June 18th, 2015|Articles|Comments Off on Managing Your Tax Records After You Have Filed
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