Investors & landlords

Yes you can depreciate your rental property.  Publication 527 discusses rental income and expenses (including depreciation) and explains how to report them on your return.

What Rental Property Can Be Depreciated? You can depreciate your property if it meets all the following requirements.• You own the property.• You use the property in your business or income-producing activity (such as rental property).•The property has a determinable useful life. The property is expected to last more than one year.