Yes, you can depreciate your rental property as long as the following are true:You own the property, You use the property to produce income, You must be able to determine a "useful life" for the property. This means that the property must be one that would eventually wear out or get "used up." A house has a definable useful life; a piece of land does not.The property's useful life is longer than one year. If the property would get used up or worn out in a year, you would typically deduct the entire cost as a regular rental expense.

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cliffordgaylord

Level 1

Solved

Can I depreciate a town house which I own and my daughter rents?

Forum|Forum|7 years ago
June 3, 2019
2 replies
0 views

No text available

Best answer by AlanT222

Yes, you can depreciate your rental property as long as the following are true:

You own the property,
You use the property to produce income,
You must be able to determine a "useful life" for the property. This means that the property must be one that would eventually wear out or get "used up." A house has a definable useful life; a piece of land does not.
The property's useful life is longer than one year. If the property would get used up or worn out in a year, you would typically deduct the entire cost as a regular rental expense.

AlanT222Answer

Level 15

Yes, you can depreciate your rental property as long as the following are true:

You own the property,
You use the property to produce income,
You must be able to determine a "useful life" for the property. This means that the property must be one that would eventually wear out or get "used up." A house has a definable useful life; a piece of land does not.
The property's useful life is longer than one year. If the property would get used up or worn out in a year, you would typically deduct the entire cost as a regular rental expense.

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Zbucklyo

Level 8

Perhaps. Any day that your daughter rents the home and pays fair market rent for the rental can be depreciated. If she pays less than fair market rent, the property is considered personal use property, and you may not deduct any expenses, including depreciation on the property.