What are the depreciation rules for rental properties?
An example of an AI chatbot conversation about depreciation rules for rental properties.
What are the depreciation rules for rental properties?
Depreciation for rental properties allows you to deduct the cost of the property over time. Generally, residential properties are depreciated over 27.5 years, while commercial properties are depreciated over 39 years.
Can I depreciate improvements made to the property?
Yes, improvements can be depreciated as well. The cost of improvements is added to the property's basis and depreciated over the remaining life of the property.
What happens if I sell the property?
If you sell the property, you may have to recapture the depreciation, which means you could owe taxes on the amount you deducted.
Are there any exceptions to these rules?
Yes, there are exceptions, such as for properties used for personal purposes or if you qualify for certain tax benefits.
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