Tax Law (Questions About Taxes)/depreciation


I am in California.  I had my debts discharged in bankruptcy last year. One debt was an investment property, which I surrendered in Chap 7.  It's been 11 months and the bank still hasn't  foreclosed on the property.  I used to take depreciation on the property when rented out in 2011, but the property was vacant  all last year.

Am I right to say I don't have to declare depreciation as it was not rented out?  I only paid hazard insurance (I am still on title). I hope that not declaring depreciation does not work against me when the bank sells the property.

I  lost
You don't own it (but the bank do not actually take possession) but you did file final bK to make it go away

And exactly why do you think you have anything to depreciate ?

Or for that matter why you think there is anything to report?

To be honest.   I am curious why you don't rent it out and keep the cash :)

Fool back for failing to update the deeds

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Tax and general business including hospitality related (hotel mgmt degree and experience in industry prior to obtaining ms tax and cpa).


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