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Investors & landlords
No, depreciation does not apply in your tax situation, therefore, you are correct. Moreover, the fact that you did not take depreciation in the past is also correct because if you do not own the property (whether it is an apartment, condominium, or house) you cannot take depreciation.
You are correct again in that switching is not an option for you. However, you can deduct your rent as a business expense provided you use the entire apartment for your business. If you only use part of the apartment for your business, then determine what percentage of the apartment you use exclusively for your business, and use that same percentage when figuring how much of the rent, utilities, and other apartment cost you can deduct as a business expense.
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