You can raise the deductibles; you can make it actual cash value or functional replacement cost! 

hey everyone my name is guy levy, I am an out of state investor. 

@Fornati T Chie My area of expertise is a little different than @Levi Bennett so maybe he can chime in for the commercial side if that's what you're wanting to do.

But classifying your depreciation (either the leftover annual depreciation after taking bonus depreciation, or the regular amount of depreciation if you didn't take bonus depreciation) can be taken as an active deduction against your W2 income for as long as you materially participate in the property.Disclaimer: I'm not a tax professional so not financial advice. 

Do I have the ability to take interest and taxes as a deduction on my return?

Also she deducted funds from my account last year to pay water bills and I found out those were never forwarded to the water company so I had to pay that out of pocket last.  

I asked my accountant if I can deduct anything in the property like depreciation and he said since nothing is in my name tax wise I can't.

The IRS wants you to pay taxes on the depreciation you previously claimed as deductions since it reduced your taxable income.

You can't take depreciation deductions on a primary residence.I have a feeling that converting this rental to a primary will also unleash a huge tax bill in the form of depreciation recapture. 

@Andrew West  Just be wary that one key downside of mulitple HELOCs used for investing is the IRS prohibits you from deducting the HELOC interest payments. https://www.realtor.com/advice...