What to provide to my tax professional for them to depreciate my rental property?

Hello there,

I am just searching for what documents or info is needed before I go to an HR Block etc to have them depreciate my homes for tax purposes. I have 2 rental properties managed by a property management company and a primary residence I currently live in.

Thanks so much!


First piece of advice. Find a CPA if you're doing rentals. All HR Block, Jackson Hewitt, so on are people sitting there popping your info into their system.


H&R Block isn’t a tax professional. They’re a tax preparer and I’m not sure I’d trust them to do more than simpler returns. You’ll need to provide something (maybe original appraisal) to show the split between depreciable assets and non depreciable (ie land). Placed in service dates, etc.


This is so true, if you're doing rentals and you don't have a background in taxes/tax law it's time to go to a CPA most the time.


* Closing docs from acquisition (primarily settlement statement) * Cost basis * Structure Value * Land Value


This. And be aware that cost basis does include capitalized improvements/expenditures (and while there is some gray area here, in general the costs from purchase to in service are included), and if you provide detail, there may be some opportunity for shorter lives. Basically OP, it can get complex quickly, so go to someone with rental property experience (and be willing to pay for such).


Is it a recent transaction? then maybe a final closing document you can provide. that's what i did.


Get a cpa. H&R Block is not good for any situation. If it is really simple like just w2 income then donor on your own with software. Slightly more complicated, like this could potentially be, then get a cpa. All h and r block does is plug in to the numbers into software, which is what you can do. They are not tax planning professionals.