I purchased primary residence in 2009. In 2018 I did major remodel and I began renting it in August 2018. This is my first year with a rental and depreciation. Do I handle depreciation as a separate asset since property was purchased 2009 but money spent to remodel wasn't done till 2018?
If you did the major remodeling prior to it being a rental property I would "add" it to the basis (or cost) of the original building and then start depreciating it as one unit.
If I did a major remodel a year after it was rented, it would be listed as another asset due to accumulated depreciation on the first asset.
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