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How do we correct for depreciation on rental property?
We bought a house in mid-2008 for our son and family to live in. They lived there rent-free until his passing in late 2016. The house sat idle for a year and a half although we made some major improvements anticipating renting it later. We rented the house in mid-2018 until our tenants moved on in mid-2022. We then sold the house (in 2022). Since the time the house was put into service as a rental (mid-2018) we have not taken any depreciation on it. How do we figure (and correct) depreciation on our 2022 taxes?
‎February 27, 2023
1:20 PM