How to account for new Vacant property?

[Arun Gokhale]

Hi  All,

I haven't come across an answer to this specific instance. In 2015 I purchased a run down multi-family property. I have been renovating it, putting in ~30k in 2015. Now in 2016 we will soon be renting out the units. For all of 2015, however, the building remained vacant.

I'm wondering if I can count the depreciation expenses from 2015 in that year, and if not, can they be carried over to 2016?