Q: What’s property depreciation all about?
A: In a nutshell, depreciation is a tax deduction when your property’s value declines. The result: Less tax, more money in your pocket.
Q: Where can I find professional help?
A: Jim’s Building Inspections is a good start. Give them a call or send a message.
Q: What comes under the ‘depreciation umbrella’?
Too many to list here but it covers such things as your stove and hot water service as well as bricks and mortar. Experts, to be sure, are there to guide property owners and tell them what’s deductible.
Q: What’s a depreciation schedule?
Put simply, a depreciation schedule is a comprehensive report of the property owner’s claimable valuables. This helps to determine a good estimate of the depreciation value.
*Keep in mind that a good first depreciation schedule can last for decades because houses rarely change dramatically.