Depreciating a rental home that used to be primary home

[N Wong]

I am doing taxes for my parents. They have a home that they bought 30+ yrs ago. In Jun 2011, they moved in with my brother and rented out their home for income. Besides social security, that is the only source of income they have. As a result of very low income, they are going to be in a situation where they probably will never owe any taxes (they will get all of it back). I think they will probably rent out the house until they pass away. So, should I go through the trouble of depreciating their home? Will there be any benefits to it later when they pass it onto me after their deaths? Any thoughts would be appreciated. thanks.