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RENTAL PROPERTY DEPRECIATION

Saladefina
Level 1

Depreciation of rental property, can I depreciate the property?

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Accepted Solutions
Skylane
Level 11
Level 11

you take depreciation on buildings and improvements. You do not take depreciation on land. You'll find asset  classifications and asset life in the help files.

If at first you don’t succeed…..find a workaround

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6 Comments 6
Just-Lisa-Now-
Level 15
Level 15

Of course, rental property gets depreciated.

Are you a tax professional?


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
abctax55
Level 15

Not only 'can' you, you have to.

Research  (or do some CPE... IF you are a tax pro)  on *allowed vs allowable*

HumanKind... Be Both
IRonMaN
Level 15

One word - holy crap.  Ok, I lied that was two words, but I got so confused after reading that question.


Slava Ukraini!
garman22
Level 13
Level 13

I hope you ended here by mistake. 

 

Yes, the property must be depreciated if used as a proper rental. 

Skylane
Level 11
Level 11

you take depreciation on buildings and improvements. You do not take depreciation on land. You'll find asset  classifications and asset life in the help files.

If at first you don’t succeed…..find a workaround
Saladefina
Level 1

I appreciate your support.