I own 50% of a house and bulding bought in Oct 2017 and rented since Nov 1, 2017, We have never claimed depreciation. I would like to amend my 2020, 2021, and 2022 returns to include depreciation and then claim depreciation in the future. The purchase price of property was 210,474. the value of the land (from the 2018 tax bill= 71,330) I used 139,144 as the cost basis for building and house. 139,144 divided by 27.5 would be 5,059.78
1/2 depreciation for one year would be $2,529.89 Is that correct for 2020 for a property purchased in 2017?
