Oh Baby! Posted February 19, 2008 Report Share Posted February 19, 2008 Client owns a single stand alone property which is leased to a single tenant (a nursing home). Does that fall under residential rental property (27.5 years) or nonresidential real estate (39 years)? Quote Link to comment Share on other sites More sharing options...
MAMalody Posted February 19, 2008 Report Share Posted February 19, 2008 Client owns a single stand alone property which is leased to a single tenant (a nursing home). Does that fall under residential rental property (27.5 years) or nonresidential real estate (39 years)? That would be business property and make it 39 year property. Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted February 19, 2008 Report Share Posted February 19, 2008 Agree with Mike. taxbilly Quote Link to comment Share on other sites More sharing options...
lbbwest Posted February 19, 2008 Report Share Posted February 19, 2008 If the majority is going to win, I vote commercial property. lbb Quote Link to comment Share on other sites More sharing options...
JohnH Posted February 19, 2008 Report Share Posted February 19, 2008 Not so fast there. I'm also voting with the majority, but the superdelegates haven't voted yet. Quote Link to comment Share on other sites More sharing options...
MAMalody Posted February 19, 2008 Report Share Posted February 19, 2008 Don't forget the polls close at 8:00PM, unless a judge intervenes because of high wind (traffic). Quote Link to comment Share on other sites More sharing options...
jainen Posted February 19, 2008 Report Share Posted February 19, 2008 >>the superdelegates haven't voted yet<< Would the superdelegates include the IRS Chief Counsel? Because he voted way back in 1996 when he posted PLR 9825024. Although revenue from personal services such as nursing or housekeeping is not gross rental income, if that is less than 20% of the total then indeed a nursing home "qualifies as residential rental property as defined in Section 167(j)(2)B of the Code." Quote Link to comment Share on other sites More sharing options...
lbbwest Posted February 19, 2008 Report Share Posted February 19, 2008 >>the superdelegates haven't voted yet<< Would the superdelegates include the IRS Chief Counsel? Because he voted way back in 1996 when he posted PLR 9825024. Although revenue from personal services such as nursing or housekeeping is not gross rental income, if that is less than 20% of the total then indeed a nursing home "qualifies as residential rental property as defined in Section 167(j)(2)B of the Code." "Client owns a single stand alone property which is leased to a single tenant (a nursing home). Does that fall under residential rental property (27.5 years) or nonresidential real estate (39 years)?" As always the correct answer is "it depends." Nursing home implies skilled care as opposed to residential retirement facility. Perhaps all posters responded to facts not presented. lbb Quote Link to comment Share on other sites More sharing options...
JohnH Posted February 19, 2008 Report Share Posted February 19, 2008 I guess it was inevitable that the answer to a question involving a nursing home and taxes would eventually involve the word "depends". Quote Link to comment Share on other sites More sharing options...
lbbwest Posted February 19, 2008 Report Share Posted February 19, 2008 I guess it was inevitable that the answer to a question involving a nursing home and taxes would eventually involve the word "depends". Finally, a post that revealing. Quote Link to comment Share on other sites More sharing options...
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