Depreciation value for rental in owner occupied 2 family

[Stacey Schwartz]

I'm new to this. Bought 1st home as a 2 family fixer upper last year. Taxes are in progress but I am stumped on factoring depreciation value on the rental property. How is the depreciated value calculated for an owner occupied 2 family home? Is the depreciation value claimed on the rental property calculated against half of the total cost basis? The rental property is roughly 50% of the living area in the 2 family home. 

[Linda Weygant]

Quote from @Stacey Schwartz:

I'm new to this. Bought 1st home as a 2 family fixer upper last year. Taxes are in progress but I am stumped on factoring depreciation value on the rental property. How is the depreciated value calculated for an owner occupied 2 family home? Is the depreciation value claimed on the rental property calculated against half of the total cost basis? The rental property is roughly 50% of the living area in the 2 family home. 

 At this point, I would advise putting yourself on extension and engaging with a CPA after April 18.  You can depreciate the building, but there are a LOT of rules associated with this and you want to make sure your calculations are correct.

1. Request an extension for yourself at https://www.irs.gov/forms-pubs/extension-of-time-to-file-your-tax-return
   1. Remember, an extension of time to file is not an extension of time to pay. If you think you will owe either federal or state taxes, you should make a payment with your extension request.