Publication 527- Residential Rental Property - 2002
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19Publication 527
Contents
Cat. No. 15052W
Important Change . . . . . . . . . . . . . . . . 1
Department
Residential
of the
Important Reminder . . . . . . . . . . . . . . . 1
Treasury
Rental
Introduction . . . . . . . . . . . . . . . . . . . . . 2
Internal
Revenue
Rental Income . . . . . . . . . . . . . . . . . . . 2
Service
Property
Rental Expenses . . . . . . . . . . . . . . . . . 2
Repairs and Improvements . . . . . . . . 3
Other Expenses . . . . . . . . . . . . . . . . 3
(Including
Condominiums and Cooperatives . . . . 4
Rental of
Not Rented for Profit . . . . . . . . . . . . . . 4
Vacation Homes)
Property Changed to Rental Use . . . . . . 5
Renting Part of Property . . . . . . . . . . . . 5
Personal Use of Dwelling Unit
For use in preparing
(Including Vacation Home) . . . . . . . 5
Dwelling Unit Used as Home . . . . . . . 5
2002
Returns
Figuring Days of Personal Use . . . . . . 6
How To Divide Expenses . . . . . . . . . . 7
How To Figure Rental Income
and Deductions . . . . . . . . . . . . . 7
Depreciation . . . . . . . . . . . . . . . . . . . . 7
Special Depreciation Allowance . . . . . 9
MACRS . . . . . . . . . . . . . . . . . . . . . 10
MACRS Depreciation Under GDS . . . . 12
Optional Tables . . . . . . . . . . . . . . . . 13
MACRS Depreciation Under ADS . . . . 14
Casualties and Thefts . . . . . . . . . . . . . . 14
Limits on Rental Losses . . . . . . . . . . . . 14
At-Risk Rules . . . . . . . . . . . . . . . . . 14
Passive Activity Limits . . . . . . . . . . . . 14
How To Report Rental Income and
Expenses . . . . . . . . . . . . . . . . . . . 16
How To Get Tax Help . . . . . . . . . . . . . . 18
Index . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Important Change
Special depreciation allowance. You can
claim a special depreciation allowance for quali-
fied property you placed in service in 2002. The
allowance is a depreciation deduction equal to
30% of the property’s depreciable basis.
Qualified property includes property depreci-
ated under the modified accelerated cost recov-
ery system (MACRS) with a recovery period of
20 years or less. See Special Depreciation Al-
lowance under Depreciation later, for more infor-
mation.
Important Reminder
Photographs of missing children. The Inter-
nal Revenue Service is a proud partner with the
National Center for Missing and Exploited Chil-
dren. Photographs of missing children selected
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