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Investors & landlords
@RickM5 wrote:1. What is the official start date for depreciation - "Date of Conversion" or "In service date?"
See https://www.irs.gov/publications/p527#en_US_2022_publink1000219036
Conversion to business use.
If you place property in service in a personal activity, you can’t claim depreciation. However, if you change the property's use to business or the production of income, you can begin to depreciate it at the time of the change. You place the property in service for business or income-producing use on the date of the change.
August 4, 2023
8:47 AM