2007-06-14 10:50:05 · 3 answers · asked by skinmsr 1 in Business & Finance ➔ Taxes ➔ United States
Sure, you would be able to take depreciation on the undepreciated portion left after the 14 years.
2007-06-14 10:55:34 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Depreciation on residential rental property is for 27.5 years. If you rented it for 14 years, you were allowed depreciation on the basis at the time it was converted to a rental.
If you again rent the property, the clock starts again where it left off. You would start depreciating at Year 15, not Year 1.
2007-06-14 21:47:29 · answer #2 · answered by ninasgramma 7 · 1⤊ 0⤋
If you rent it again, then you can again claim depreciation since it'll be rental property, as long as there is an undepreciated amount left. You can't depreciate it for the time when you lived in it.
2007-06-14 18:18:47 · answer #3 · answered by Judy 7 · 0⤊ 0⤋