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From: cmsj@ihdba.UUCP (Chris Jachcinski)
Newsgroups: net.invest
Subject: Rental Property Depreciation
Message-ID: <126@ihdba.UUCP>
Date: Fri, 7-Sep-84 09:10:10 EDT
Article-I.D.: ihdba.126
Posted: Fri Sep  7 09:10:10 1984
Date-Received: Wed, 12-Sep-84 03:20:59 EDT
Organization: AT&T Bell Labs, Naperville, IL
Lines: 27

I have owned and lived in a condo for the past 3 years.
Due to a change in circumstances, I will be moving out
of it soon and renting it out (already have a tenant).

My questions are:

1.) I assume that I can pro rate all of my expenses
(condo assn fees, insurance and the like) for income
tax deduction purposes for that part of the year which
it is rented out.  Is this assumption correct?

2.) Can I start to depreciate the property (again on
a pro rated basis) for income tax purposes this year?

3.) What happens if, for N years, I treat the condo
as rental property, take all the tax breaks this implies
and then, for whatever reason, move back into it?
Do I have to amend my tax returns to "undo" the tax
breaks?  Can I simply move back in and stop taking
the tax breaks?  Something in between?

Any information or leads are greatly appreciated.
Thanks in advance.
                          Chris Jachcinski
                          AT&T Bell Labs
                          Naperville, IL
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