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As a tax preparer, preparing your own tax return for 2022, you have three rental properties showing total rental income of $108,000.00 with $80,000.00 in
As a tax preparer, preparing your own tax return for 2022, you have three rental properties showing total rental income of $108,000.00 with $80,000.00 in total expenses (this does not include CCA). You have never depreciated your properties, but this is the first year you are showing a profit. My question is, would you depreciate them this year? Tell me yes or no and explain why.
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