Depreciation renting personal home for a few months

[mrudacille]

Planning pros and cons of renting and depreciation.   Can I skip claiming depreciation if I rent my home for a few months then move back in?  How will depreciation impact my taxes if I  sell years from now?

[PaulD CPA]

Hi Mrudacille, Unfortunately, depreciation of a rental home is not optional. Plenty of people inadvertently fail to claim the depreciation deduction, which can be significant.  When the home is sold, depreciation will be "recaptured" (essentially giving back that deduction years later), regardless of whether you actually claimed the depreciation deduction in prior years.  That leads to paying more tax than necessary or amending a prior year return to correct the depreciation deduction for just 1 of the prior 3 years - or - filing a Form 3115 to correct depreciation for multiple years or a year that the IRS won't allow to be amended because it was more than 3 years prior.  

Here are articles that explain in further detail:  
Are You An Accidental Landlord? Here's How to Tackle Your Taxes

Tax Deductions for Rental Property Depreciation