Another example that highlights the fact that you claim the total cost at the time of the purchase is for the home itself if you have a mortgage (loan) for the property. You depreciate the full cost of the property from the time it was placed in service, not just the portion that is paid each year.
Take a look at the following information from the IRS regarding the basis of assets. The sentence just after the highlighted text explains it:
Topic no. 703, Basis of assets
@MM025
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
