Can I start taking depreciation deductions on rental property that I have owned and rented for the last 10 years?
Whether or not you actually took the depreciation in the past is not relevant as the IRS always treats depreciation on rental property as allowed or allowable. Therefore, you may start to depreciate the property now but you must also assume that 10 years of depreciation has already been taken. See Table 4-D on page 14 of IRS Pub 527, Rental Property for the 27.5 year depreciation schedule. And, remember that you can not depreciate the land that the property sits on. http://www.irs.gov/publications/index.
Whether or not you actually took the depreciation in the past is not relevant as the IRS always treats depreciation on rental property as allowed or allowable. Therefore, you may start to depreciate the property now but you must also assume that 10 years of depreciation has already been taken. See Table 4-D on page 14 of IRS Pub 527, Rental Property for the 27.5 year depreciation schedule. And, remember that you can not depreciate the land that the property sits on.
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