Talk of The Villages Florida - View Single Post - Depreciation on rental home
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Old 09-25-2021, 07:13 AM
retiredguy123 retiredguy123 is online now
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The tax records indicate separate values for the land and the building. But, both of these values are usually significantly lower than the actual market values. So, you may need to escalate the values to determine how much to depreciate. Also, apparently some people don't realize that you must claim the depreciation deductions every year. It is not optional, because the "allowable" depreciation will be taxed by the IRS when you sell the property, even if you didn't deduct it.