depreciation

Forum|Forum|2 years ago
January 27, 2024
1 reply
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I am not clear if depreciation can be claimed for a vacant established rental property. During Covid it was vacant for an extended period of time and that time was used to repair and improve the property. Can I claim depreciation only for the time it was rented or the entire year?

AnnetteB6

If you continued to advertise and keep the property available to rent during the time it was vacant, then you can claim depreciation for that time.

If you took it off the rental market, then it is not considered to be a rental property and you cannot claim depreciation or other expenses while it was not a rental property.

Take a look at the following TurboTax help article to learn more:

What kinds of rental property expenses can I deduct?

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