US EditionPotential Pitfalls of Converting Personal Use Property to Investment Use - ICS Tax, LLC
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Potential Pitfalls of Converting Personal Use Property to Investment Use - ICS Tax, LLC
In a U.S. Tax Court case, Sherman Derell Smith v. Commissioner, T.C. Memo. 2025-24, dated March 24, 2025, Sherman Derell Smith disputed the IRS’s denial of a depreciation deduction for a rental property on his 2018 federal income tax return. The court ruled against the taxpayer, citing his failure to establish a proper depreciable basis under IRC §167 and Treas. Reg. §1.167(g)-1. Key Issues and Findings Depreciable Basis for Converted Property …
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