I've owned a home for 4 years and lived in it for 3. This past year, I've been renting it out since I'm now living overseas (Military tour). I know that the interest and taxes are deductible, but the rental payments are taxable. I also understand that any expenses (i.e. repairs) are deductible.
My question is, what other things do I need to know about filing taxes as it relates to my rental property? Particularly, can I count depreciation of the property and how is depreciation calculated?
2007-01-26 20:16:37 · 1 answers · asked by ldeweyjr 2 in Business & Finance ➔ Taxes ➔ United States
Yes, you can depreciate the property starting with the month it was converted to rental.
Depreciation can be a bit tricky and unfortunately I do not have the charts in front of me right now. Check IRS.gov.
2007-01-27 00:58:02 · answer #1 · answered by Wayne Z 7 · 0⤊ 0⤋