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Massachusetts Form 1065 (Schedule C): What You Should Know

Depreciation will only be deducted from the value of property held for a period of 5 years after the original tax date. The last date to which to deduct depreciation is 5 years from the original date of the investment. The following is an example for Massachusetts State Form 1, filed with the Revenue Officer in March 2017. The Form 1 is filed to ensure that depreciating property is valued at the date of purchase. It must be submitted with a copy of the real estate lease. However, you'll complete the Depreciation section of your 2017/18 Schedule D (Form 1040) and attach a copy to that schedule along with the rental agreement for the real estate. You'll also complete the Form 1065 (see below) and attach the following to Schedule D: Real estate tax certificate Form 1065 Enter the capitalized cost in the column to the right of “Capital Expenses.” See Depreciation, for more information. Form 1040-C (Profit & Loss) or Schedule 1040 (Resident Alien Affidavit 1) for non-residents. Enter 2. Depreciation for real property acquired or constructed as part of a trade/business. Enter on Schedule D the total value of property acquired or constructed as part of your trade/business for the year in which you make the initial investment, and your total cost of acquiring or constructing that property. This is generally considered your first investment. The amount that will be depreciated for the year may not exceed the amount of depreciation that was deducted on the original acquisition of the property. The amount of depreciation that was deducted on the original acquisition of the property may be determined on the basis of actual property use, to the extent that use can be established. The depreciation deduction may not exceed 250,000 for the taxable year. See the Form 1040 instructions for additional information about what depreciation is to be made (and is deductible). If you purchased the property for investment purposes (not to be used immediately as your primary business) you may be able to use the depreciation deduction on the purchase on your first tax year ending after the end of the 5-year period during which you made your original investment. Your depreciation deduction may not exceed 250,000 for the taxable year in which you make your first investment. See the Form 1040 instructions for additional information about what depreciation is to be made (and is deductible). If you acquired/construct a property for other than investment use (e.g. to be used to make repairs or replacements).

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