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E
esther-realestat
Level 2
December 7, 2019
Solved

What account can I use as credit to increase the value of the asset? Thank you!

  • December 7, 2019
  • 2 replies
  • 24 views

My company bought a house in 2014. This property' value has increased and I would like to show the increase in my books and also take advantage of a higher depreciation expense. 

This topic has been closed for replies.
Best answer by sjrcpa

You can record the increase in value as unrealized appreciation. You cannot depreciate the increase in value.

2 replies

sjrcpa
sjrcpaAnswer
Level 15
December 7, 2019

You can record the increase in value as unrealized appreciation. You cannot depreciate the increase in value.

The more I know the more I don’t know.
M
Marc-TaxMan
Level 7
December 7, 2019

What does your paid preparer think?

I think this is beyond your capabilities.

E
esther-realestatAuthor
Level 2
December 7, 2019
I'm trying to find out if there is possibility to increase the asset in books and also increase it in the tax return to take advantage of a higher depreciation. Not sure if that is allowed by IRS. I have not asked an accountant.
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