How to take depreciation on an in-ground pool for a rental property. The pool was already installed when I bought the rental, so I didn't pay for the pool separately.

I was told I could take depreciation. If so, what do I check on the section "Tell Us About This Rental Asset"? a) I traded in an old asset to acquire this one, b) I purchased this asset new, or c) the item was sold, retired, etc? Do I add it somewhere else?

1567

Level 15

Jun 6, 2019 2:15:36 AM

You would not do that. You are already depreciating the property with all the improvements it came with when you bought it.

New Member

Jun 6, 2019 2:15:38 AM

Thank you! Could I take depreciation on the land value, given the in ground pool?

Level 15

Jun 6, 2019 2:15:40 AM

New Member

Jun 6, 2019 2:15:41 AM

Thank you for your help.

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How to take depreciation on an in-ground pool for a rental property. The pool was already installed when I bought the rental, so I didn't pay for the pool separately.