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what is the depreciation for 2019,2020 and the amount of passive loss from the property On 2/1/2019 Julian and Gabriella purchased a rental house
what is the depreciation for 2019,2020 and the amount of passive loss from the property On 2/1/2019 Julian and Gabriella purchased a rental house at 1230 Palm Drive in Palm Springs for $500,000 (Land $150,000, Building $350,000). They actively managed the rental house. They sold the rental house on 11/22/2020 for $530,000 (Land $156,000, Building $374,000). The income and expenses of the rental house are as follows. Utilities were paid by the tenants. In 2019 the Steins had a passive activity loss from the property of $24,000 which they were not able to deduct. The $24,000 passive activity loss was carried forward to this year. Rental Revenue Expenses: Interest Expense 14,000 Property Taxes 5,200 Management Fees 2500 Insurance Expense 600 To be Depreciation determined Repairs and Maintenance 1300 12,800
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