How do I calculate depreciation for my rental property?
An example of an AI chatbot conversation about calculating depreciation for rental properties.
How do I calculate depreciation for my rental property?
To calculate depreciation for your rental property, you can use the straight-line method. This involves dividing the property's cost by its useful life.
What is the useful life of a rental property?
The IRS typically considers the useful life of residential rental properties to be 27.5 years.
Can I include improvements in the depreciation calculation?
Yes, improvements can be added to the property's basis and depreciated over their useful life, which is usually 15 years.
Are there any tax benefits to depreciation?
Yes, depreciation can reduce your taxable income, which may lower your overall tax liability.
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