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When can I start deducting the depreciation on the cost of an improvement for rental property?
All the condominiums in my brother's subdivision received an assessment to hurricane proof all the buildings. This assessment was paid upfront in Oct 2019, however, the improvement is not scheduled to be completed until May 2020. Can he start depreciating the cost of the improvement starting in Oct 2019 or does he have to wait until the improvement has been completed in 2020? Any help would be greatly appreciated. Thank you.
March 28, 2020
8:34 PM