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H
hgtc
Level 5
March 3, 2022
Solved

Can we start depreciation on the date rental property purchases

  • March 3, 2022
  • 2 replies
  • 0 views

Taxpayer purchased rental property late Oct 2021.  They did some improvement and had cleaning/utilities expenses.  They found tenant and start renting on 1/15/2022.

For 2021, can we report $0 rent, depreciation, and rental expenses on Sch E?

Or, no Sch E in 2021?

Thanks.

 

This topic has been closed for replies.
Best answer by sjrcpa

When was it ready and available for rent (placed in service)? That's when depreciation starts.

Improvements get capitalized. Then depreciated.

2 replies

T
TaxGuyBill
Level 15
March 4, 2022

It starts when it was held out for rent and ready-and-available to be rented.

    sjrcpa
    sjrcpaAnswer
    Level 15
    March 4, 2022

    When was it ready and available for rent (placed in service)? That's when depreciation starts.

    Improvements get capitalized. Then depreciated.

    The more I know the more I don’t know.
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