All Forum Posts by: Kevin Roy

@Tim White thanks for the information!

Hello, I am taking a trip to Huntsville AL in November, and interested in multi family properties in the area. I currently live in Maryland, so I am not familiar with the area. I’m reaching out to hopefully get some area recommendations for best places for multi family homes and/or up and coming local areas. Thank you all in advance.

@Natalie Kolodij

Thank you for for clarifying that for me!

@Basit Siddiqi

Thank you for your reply! So I was under the impression that you could add any improvements to the property and things like points paid during the purchase price and depreciate that total price. Is that only for pure investment properties and not personal residence turned into rentals?

Hello everyone,

I am trying to figure out how to depreciate my rental property. Any help would be greatly appreciated!

Here's the details.  We bought the condo in 2006 (towards the height of the bubble..) for around 180k, lived in it for about a year then moved away.  We didn't know anything about depreciation and failed to take advantage of it while initially renting it out.  After about 3 years of renting, we moved back in.  After 4 years, we moved out and are now renting it again; and are more educated on the way rentals work. We want to depreciate it for tax purposes but are unsure exactly how to do so because of buying during the peak of the market.  The market value of the property is now about 140k.  Do I depreciate based on the purchase price and upgrades to the property, or depreciate the market value?

Thanks again for any advice!

-Kevin