Calculating depreciation in Real Estate

[Vikranth Biradar]

Hi all, I am beginning to learn about RE investment and have a couple of questions. Let's say I bought a residential rental property for 1 million. I don't qualify for REP status so I will be taking normal depreciation.

1. 1. How is my depreciation calculated? Is it 1 million/27.5 or do we omit the land value and divide by 27.5?
2. 2. Let's say below is my yearly depreciation
   2021: -$10,000
   2022: -$10,000
   2023: -$10,000
   
   As I had no other passive income I couldn't take the depreciation, but in 2024 if I have a passive income can I take the depreciation from all the previous years or only the past year?