Tax Basis for Depreciation - Accountant?

[Derek Johnson]

This is the first year I changed my former home into a rental. I changed it May 1, and have done a little updating prior to tenants moving in. I've always done my own taxes, but I've never needed additional schedules just the simple 1040 forms. Should I consider outsourcing this or is this something I could handle myself? I did some reading and it seems like I can add the improvements to the tax basis, not deduct them. So would this be correct for this year:

Property Basis

$99,000

+ (window)

+ (roof)

+ (paint)

+ (water heater)

- (energy credit)

----------------

(New Basis)/27.5=(annual depreciation)

(Annual depreciation)*(.75)

That's my understanding, please let me know if this is correct. I'd also like advice on whether I should try to continue to file my own taxes or find an accountant. I am actually hoping to go to school for accounting in the spring because it's interesting to me, but that's no help now. Thanks!