Depreciation on rental

[David Klein]

Hi All,

I am currently moving from one house to another (bigger and less expensive!), and am going to keep the first house as a rental.  This will be my first rental property.  I have owned it for about 1.5 years.  I am wondering how the depreciation on this property will work.  Based on purchase price, current value, balance due on mortgage?

Thanks for the help!