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Deductions & credits
If you resume renting the property at a market rate, you can resume your depreciation. Otherwise, depreciation is not allowed on personal property, whether it is your own home, your car, or anything else you own. Depreciation is only allowed on property used for business purposes to generate income.
As noted, when the property is sold, the depreciation that was previously claimed will have to be re-captured.
‎November 17, 2022
8:36 AM