DaveF1006
Expert Alumni

Investors & landlords

Yes, it looks like $2995 is for a full year of depreciation.  However, if it was placed in service  July, then you will need to depreciate from July 15 since all foreign property is depreciated using the mid-month convention. You would need to use the days remaining in 2015/total number of days in 2015. In this case, 169/365 (not sure if 365 or 366 days in 2015). So in this example (169/365)($2995)=$1387.

 

Whatever the partial depreciation is in 2015, this will be added to $14,975 to get the true total depreciation amount that has accumulated since you placed your foreign property in service. 

 

@Steve_tt

 

[ Edited 03/09/22|10:48 AM PST]

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post