America's Favorite Architecture

"America’s Favorite Architecture is the result of an AIA and Harris Interactive poll of 1,800 Americans naming their 150 favorite structures across the nation based on nominations from AIA member architects." Check it out, as expected Chicago has many of the favorites though The Empire State Building in NYC was #1.

Taxes: Don't Forget to Deduct Rental Depreciation

Here's a good reminder from Gail Marks Jarvis of the Chicago Tribune

"Tax time is nearly here. Anyone renting out a property to a tenant – either as an investor or as a reluctant owner who can’t find a buyer – shouldn’t forget to deduct depreciation expenses from income taxes.

The idea is that property loses value as it ages, so the IRS lets landlords subtract some of the value of their property every year for 27.5 years and use it to reduce the income received from the tenant. That reduces the landlord’s tax bill.

Depreciation is complicated – calculating it often requires professional help – but don’t neglect to do it. Some people are overwhelmed by a depreciation schedule and opt to ignore it. But that’s a mistake. The government assumes a landlord deducts depreciation whether he does or not. A landlord who doesn’t claim depreciation, will pay higher taxes while he owns the property. And when he finally sells the property, the IRS demands that he recapture depreciation – that is pay back a portion – whether he took the original deduction or not."