I read your post and I would like some additional clarification. If I purchased a property in 2022 for 166K and added $26K in repairs/Improvement to get the property rentable in 2022 but it was not ready for renters and not advertised until 2023, then i could not take depreciation on the property in 2023? so the calculation would be:
Purchase price: 166K
Less land: 32K
Plus Repairs, closing costs interest, commission, etc.=26K
Depreciable amount $160K in 2023
Is that correct?
