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Updated over 12 years ago on . Most recent reply

Tammy Gal's profile image
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Tammy Gal
  • from Port Angeles, Washington
  • Member since Oct 7, 2012
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Tammy Gal's profile image
Tammy Gal's profile image
Tammy Gal
  • from Port Angeles, Washington
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Tammy Gal
  • Port Angeles, WA
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Tax, SDIRAs & Cost Segregation

Rental depreciation on 28+ yr old purchase?

Tammy Gal
  • Port Angeles, WA
Posted

Is it possible to take depreciation on a residence purchased 30 years ago but converted to rental property over 28 years later?

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Steven Hamilton II's profile image
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Steven Hamilton II
  • Accountant, Enrolled Agent
  • from Grayslake, IL
  • Member since Jan 11, 2011
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Steven Hamilton II's profile image
Steven Hamilton II's profile image
Steven Hamilton II
  • Accountant, Enrolled Agent
  • from Grayslake, IL
  • Member since Jan 11, 2011
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Steven Hamilton II
  • Accountant, Enrolled Agent
  • Grayslake, IL
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Steven Hamilton II
  • Accountant, Enrolled Agent
  • Grayslake, IL
Replied

Yes, you may take depreciation on that property. Your basis will be the lower of your adjusted basis over the course of time that you owned it or the Fair Market Value on the date converted to rental property.

-Steven the Tax Guy

Your guide to IRS laws, rules and regulations.

  • Steven Hamilton II
  • [email protected]
  • (224) 381-2660
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