Claiming depreciation on interior wear and tear
February 18, 2010
Hi:I own a rental condo. I know that the management company takes care of theoutside of the building. Can I claim depreciation, for the carpet,appliances that are inside the house? What would be the formula. Is the same
27.5 divided by the value of the principal that I currently owe to the Bank?
Thanks for your input
Nestor
For this answer, I will refer you to this source from the IRS:
Table 2.1 in Publication 527 says: Residential rental property (buildings or structures)
and structural components such as furnaces, waterpipes, venting, etc. 27.5 years
About the Author: Bob Cain
Some 30 years ago Bob Cain went to a no-money-down seminar and got the notion that owning rental property would be just the best idea there is for making money. He bought some. Trouble was, what he learned at the seminar didn’t tell him how to make money on his rental property. He went looking for help in the form of a magazine or newsletter about the business. He couldn't find any.
Always ready to jump at a great idea, he decided he could put his speaking and writing skills to work and perform a valuable service for other investors who needed more information about property management. So Bob ferreted out the secrets, tricks and techniques of property management wherever he found them; then he passed them along to other landlords.
For over 25 years now, Bob has been publishing information, giving speeches, putting on seminars and workshops, and consulting for landlords on how to buy, rent and manage property more effectively.
