Liam Hernandez paid 112,000 for a single family home on July 1, 2021 and immediately placed it in service as a Residential rental Properly at the time the land was valued at 10,000 the property generated 6000 in rental income for the year . Liam only expenses consisted of depreciation $500 in insurance and $750 in real estate taxes. Liam is not real estate professional but he does actively participate in his rental real estate activity. he did not provide any personal services during the year. although he was notified his tenant that he will make minor repairs to the property as needed. Liam has no other passive income or losses.What amount should land claim for depreciation on his rental property for 2021

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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Liam Hernandez paid 112,000 for a single family home on July 1, 2021 and immediately placed it in service as a Residential rental Properly at the time the land was valued at 10,000 the property generated 6000 in rental income for the year . Liam only expenses consisted of depreciation $500 in insurance and $750 in real estate taxes. Liam is not real estate professional but he does actively participate in his rental real estate activity. he did not provide any personal services during the year. although he was notified his tenant that he will make minor repairs to the property as needed. Liam has no other passive income or losses.What amount should land claim for depreciation on his rental property for 2021
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