How do I calculate depreciation on my rental property. Property was bought in 2005. Cost was $195,000. No improvements are done.

You should have been depreciating it since 2005, unless you converted it in 2019. If you neglected to depreciate every year, you will need to file Form 3115 to reclaim it.

If you just converted it in 2019, you would choose the lesser of the Fair Market Value or Adjusted Basis on the conversion date as your starting point for depreciation.

Form 3115

Can I have some more details please? Without details, myself and others are basing our responses on assumptions that are probably wrong. Thus, you end up getting incorrect information that "could" result in an audit. So lets try again.

-Property purchased in 2005. Has it been rental property since you purchased it?

- If NO to the above, then was it your primary residence?

- If it was your primary residence, did you move out and convert it to a rental in 2019?

- If not converted to rental in 2019, then in what tax year did you start renting it out?