@DaveF1006 wrote:
Assuming if you put this in service on 07/01/2015, only six months of depreciation should be claimed in 2015 thus $2995/2=$1497.
However, if it was placed in service in the 10 of July, then the calculation becomes trickier because you would need to use the days remaining in 2015/total number of days in 2015. in this case, 174/365 (not sure if 365 or 366 days in 2015). So in this example (174/365)($2995)=$1427.
No, real estate uses the mid-month convention. That means that July gets a 1/2 month of depreciation, regardless of which day in July it was "placed in service".
