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Level 3
posted Apr 9, 2024 6:02:26 AM

For self-used property later converted to rental property, how depreciation expense is calculated?

I bought a property and used it as my second home for a couple of years and turned it into a rental last year. Will the depreciation (27.5 years) start from the property acquisition date or the actual rental date? Thanks!

 

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1 Best answer
Employee Tax Expert
Apr 9, 2024 6:14:47 AM

Depreciation starts with date the property was ready and available to rent, regardless of the actual rented date. That's not the acquisition date. It's the date the property was placed in service. 

1 Replies
Employee Tax Expert
Apr 9, 2024 6:14:47 AM

Depreciation starts with date the property was ready and available to rent, regardless of the actual rented date. That's not the acquisition date. It's the date the property was placed in service.