Depreciation on a condo

Forum|Forum|5 years ago
March 9, 2021
1 reply
0 views

A new client has asked me to prepare their Form 1040.

Client files married filed jointly; ages 69 and 73.
Jointly own a home and two condos.
The two condos are rental properties
They sold 1 of the condos in 2020

The last time they filed their taxes was in 2017. Their tax preparer told them they didn't have to file taxes since they only receive social security SSA-1099.

In, 2020 they sold one of the condo units, but I do not have their accumulated depreciation. How do I get accumulated depreciation?

Do I need to file 2018 and 2019 also?

ProSeries Professional

This topic has been closed for replies.

BobKamman

Level 15

They didn't receive any rent in 2018 and 2019?

K

katie11Author

Level 3

Yes, they did receive rental income for both units in both years.

BobKamman

Level 15

What do you think?

1) They tell you their only income is Social Security.

2) Then they tell you they have rental income.

Maybe a few neurons short of a synapse? Be careful around people with early dementia, their kids may sue you if you overlook their condition.

Do they still have copies of their 2017 return? Or maybe they forgot where they put it. Previous preparer still around? Or maybe an injunction from the government, banning him from practice.

Good luck.

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