What is depreciation?

If you are interested in real estate investing you've probably heard about depreciation and how it can work wonders on your tax returns. Every Top 10 list of benefits for landlords includes depreciation. A lot of people will even tell you how to calculate it into your taxes. But what is it really? Let's start from the beginning.

When you run a business you only pay taxes on your profits. If you collected $100 by selling bananas, but buying the bananas cost you $25, you are only taxed on $75, not the full $100 (Profit = Revenue - Expenses). This is simple and it makes perfect sense (this is true whether you have formed a corporation or not). But it can get more complicated really quick.

Let's say your banana business is booming and you need to buy a bike (to deliver the bananas to seniors, an expanding market), and the bike costs you $100. So this year you are spending $125 and making $100, therefore you wouldn't pay taxes, right? Or maybe you financed the bike and only have to pay $20 this year. How would that affect your taxes?

The government steps in at this point and say "we need a simple way to figure out how long-term purchases affect taxes" (And believe me, this is a good thing. Otherwise accountants would be running around all willy-nilly and figuring out ways for businesses to never pay taxes, increasing the burden on you and I). So the government looks at your bike and says, "We think that bike will last 4 years before you need a new one. So each year you can count one fourth (25%) of the cost of your bike as an expense."

So now the government is basically saying "We want you to pay taxes every single year. But we have to admit that the bike is an expense and should reduce your taxes. So since we think you will have to buy a new bike every 4 years, we'll spread the expense of that bike over 4 years." So now, for the next 4 years, our expenses are $25 for the bananas and $25 for the bike giving us a deduction of $50 on our tax return. If we paid cash for the bike that means that in year two we're making $75 profit but only paying taxes on $50.

This rule goes for every thing a company uses, that lasts many years but eventually breaks down and has to be replaced. FedEx can depreciate their fleets of delivery trucks, Ford can depreciate the machines in their auto plants. And since the government can't look at every piece of equipment they've created nifty little tables that help companies figure out how much they can depreciate for their new truck or bike.

Now when you bought your investment house, the government says you actually bought two things. It says you bought a piece of land, and you also bought a building on top of it. This is important to them because while land doesn't wear out, a building does. The house you bought is wearing out and every last part of it will eventually need replacing (like your roof).

So the government says that because we are using the house to make money and because the house is wearing out, we should be able to depreciate it (use part of the cost of the house as an expense). The government tells us that they expect an average house to last 27.5 years and they've given us a little table to use in figuring out how much we can deduct each year.

So how does this impact our personal taxes? Pretend Tommy Hillbilly earned $10,000 last year in taxes. Over the year he paid $9,000 in mortgage interest, and also paid about $1,000 in regular expenses (advertising his house, buying paint, etc). On his income tax return he claims revenue of $10,000 and expenses of $10,000, giving him a taxable profit of $0. That's nice, since he won't owe an extra taxes.

But Tommy was smart and deprecated his house. According to the tables above he gets to deduct $5,000 in wear and tear on the house. So now he has revenue of $10,000 and expense of $15,000. So he'll probably be looking at a nice tax return this year. The amount he gets back depends on his tax bracket, but it's money in his pocket right now.

There's only one final catch to depreciation. When you depreciate an asset, the government is expecting the value of that asset to drop to $0 (like a broken down truck). So if when you sell your home (and it's worth something) the government wants to be paid back for the tax breaks it gave you. While the gains on a long term house sale are a measly 15%, the depreciation you claimed is taxed at a much larger 25%. This is called recapturing depreciation.

In other words, say you buy a house for $100,000 and the house is valued at $75,000 (the remaining $25,000 is the value of the land). You claim the full 3.6% depreciation each year and then sell 10 years later for $250,000. Over the 10 years you claimed $2,700 as a deduction each year (in depreciation) for a total of $27,000. So when you sell your taxes will be 25% of $27,000 (recapturing your depreciation) and 15% of $150,000 (capital gains tax for your profit). You'll pay $6750 in depreciation recapturing.

Or, in a simple form, when you sell you owe the government:
$27,000 (the amount you depreciated)
x 25% (the depreciation tax rate)
= $6750 is the amount you have to pay the government in recapturing depreciation

$250,000 (the amount you sold the house for)
- $100,000 (the amount you paid for the house)
= $150,000 (the capital gain you got for the house)
x 15% (the capital gain tax rate)
= $22,500 is the amount of tax you have to pay for your gains

Your total tax bill will be $6750 + $22,500 = $29,250. (It's important to note here that in this situation, the capital gains tax would remain the same whether or not you had depreciated the property)

So is there an advantage in depreciation? If you tax rate is 25% or higher that answer is obviously yes. But what if you happen to have a lower tax rate, say 20%? Well, each of the 10 years you save $540 in taxes from depreciation. If you put that money in a decent savings account and earn 5% on it, then after 10 years that account will be worth $6792. When you have to pay your depreciation recapture tax bill of $6750, you'll be left with $42. Obviously not much of a gain, but it's still a gain.

(For the record, if your tax rate is 33% your account will end up worth $11,206, therefore depreciation will save you almost $5,000). In addition to the extra cash, you will have access to that money throughout the 10 years in case of any emergencies (like the aforementioned roof), which could help you avoid having to take out a loan.

So, in short, depreciation is simply the government's way of letting you deduct the expense of buying a house, but over a long period of time. Any questions?

57 comments:

Anonymous said...

I am trying to learn about Depreciation recapture... currently selling two commercial properties and am financing them to Buyer. Can I DELAY Depr. recap. by any method, say with REITs, so that I may enjoy the REIT distributions while delaying payment of Deprec. recapture?

Additionally, If I die and the REITs pass to heirs, do they then owe the depreciation recapture to the Feds?

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