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Form 1041 Depreciation Expand / Collapse
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Posted 7/10/2006 6:55:18 PM
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Client died 6/9/2005. Final 1040 was from 1/1/05 to 6/9/05. First 1041 starts 6/10/05 and ends 5/31/06.

If we say rental property was acquired 6/9/05 we get 12 months depreciation. If it was *placed in service* 6/10/05 we get 11.5 months depreciation.

How much depreciation are we entitled to?

Mary Kay Foss

Post #174
Posted 7/11/2006 11:47:57 AM


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Mary Kay,

The instructions to form 1041 say that the moment of death determines the end of the decedent's tax year and the beginning of the estate's tax year. Thus, the accounting period begins on 6/9.

bill downs
Post #175
Anonymous
Posted 7/12/2006 12:46:32 PM




Here's my best guest. The asset is acquired at date of death. It is a different taxpayer, and so depreciation starts as of day of death. My anaolgy? Sale of rental property. This is my best uneducated guess.

Anna Maria
Post #177
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