{"id":129650,"date":"2023-11-22T04:22:04","date_gmt":"2023-11-22T04:22:04","guid":{"rendered":"https:\/\/namso-gen.co\/blog\/can-i-take-depreciation-on-rental-property\/"},"modified":"2023-11-22T04:22:04","modified_gmt":"2023-11-22T04:22:04","slug":"can-i-take-depreciation-on-rental-property","status":"publish","type":"post","link":"https:\/\/namso-gen.co\/blog\/can-i-take-depreciation-on-rental-property\/","title":{"rendered":"Can I take depreciation on rental property?"},"content":{"rendered":"<p>Rental properties can be a valuable source of passive income for many individuals. However, navigating the tax implications of owning rental property can be confusing. One common question that landlords often have is, &#8220;Can I take depreciation on rental property?&#8221;<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_62 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/namso-gen.co\/blog\/can-i-take-depreciation-on-rental-property\/#Can_I_take_depreciation_on_rental_property\" title=\"Can I take depreciation on rental property?\">Can I take depreciation on rental property?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/namso-gen.co\/blog\/can-i-take-depreciation-on-rental-property\/#1_What_is_depreciation\" title=\"1. What is depreciation?\">1. What is depreciation?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/namso-gen.co\/blog\/can-i-take-depreciation-on-rental-property\/#2_How_is_depreciation_calculated_for_rental_property\" title=\"2. How is depreciation calculated for rental property?\">2. How is depreciation calculated for rental property?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/namso-gen.co\/blog\/can-i-take-depreciation-on-rental-property\/#3_Can_I_take_depreciation_if_my_rental_property_is_not_making_a_profit\" title=\"3. Can I take depreciation if my rental property is not making a profit?\">3. Can I take depreciation if my rental property is not making a profit?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/namso-gen.co\/blog\/can-i-take-depreciation-on-rental-property\/#4_What_is_the_benefit_of_depreciating_rental_property\" title=\"4. What is the benefit of depreciating rental property?\">4. What is the benefit of depreciating rental property?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/namso-gen.co\/blog\/can-i-take-depreciation-on-rental-property\/#5_Are_there_any_limits_on_the_amount_of_depreciation_I_can_take\" title=\"5. Are there any limits on the amount of depreciation I can take?\">5. Are there any limits on the amount of depreciation I can take?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/namso-gen.co\/blog\/can-i-take-depreciation-on-rental-property\/#6_Do_I_have_to_recapture_depreciation_when_I_sell_the_rental_property\" title=\"6. Do I have to recapture depreciation when I sell the rental property?\">6. Do I have to recapture depreciation when I sell the rental property?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/namso-gen.co\/blog\/can-i-take-depreciation-on-rental-property\/#7_Can_I_take_bonus_depreciation_on_rental_property\" title=\"7. Can I take bonus depreciation on rental property?\">7. Can I take bonus depreciation on rental property?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/namso-gen.co\/blog\/can-i-take-depreciation-on-rental-property\/#8_What_happens_if_I_stop_renting_out_the_property\" title=\"8. What happens if I stop renting out the property?\">8. What happens if I stop renting out the property?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/namso-gen.co\/blog\/can-i-take-depreciation-on-rental-property\/#9_Can_I_take_depreciation_on_personal_property_within_the_rental_property\" title=\"9. Can I take depreciation on personal property within the rental property?\">9. Can I take depreciation on personal property within the rental property?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/namso-gen.co\/blog\/can-i-take-depreciation-on-rental-property\/#10_Do_I_have_to_recapture_depreciation_if_I_convert_the_rental_property_to_my_primary_residence\" title=\"10. Do I have to recapture depreciation if I convert the rental property to my primary residence?\">10. Do I have to recapture depreciation if I convert the rental property to my primary residence?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/namso-gen.co\/blog\/can-i-take-depreciation-on-rental-property\/#11_Is_there_a_limit_on_the_number_of_years_I_can_depreciate_rental_property\" title=\"11. Is there a limit on the number of years I can depreciate rental property?\">11. Is there a limit on the number of years I can depreciate rental property?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/namso-gen.co\/blog\/can-i-take-depreciation-on-rental-property\/#12_Can_I_amend_past_tax_returns_to_take_depreciation_on_rental_property\" title=\"12. Can I amend past tax returns to take depreciation on rental property?\">12. Can I amend past tax returns to take depreciation on rental property?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Can_I_take_depreciation_on_rental_property\"><\/span>Can I take depreciation on rental property?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><b>Yes, you can take depreciation on rental property.<\/b> Depreciation is a tax deduction that allows you to recover the cost of income-producing property over time. When you own rental property, you can depreciate the building, as well as any improvements made to the property, but not the land itself.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_What_is_depreciation\"><\/span>1. What is depreciation?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nDepreciation is a tax deduction that allows you to recover the cost of income-producing property over time.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_How_is_depreciation_calculated_for_rental_property\"><\/span>2. How is depreciation calculated for rental property?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nThe depreciation of rental property is typically calculated using the straight-line method over 27.5 years for residential properties and 39 years for commercial properties.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Can_I_take_depreciation_if_my_rental_property_is_not_making_a_profit\"><\/span>3. Can I take depreciation if my rental property is not making a profit?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nYes, you can still take depreciation on rental property even if it is not currently generating a profit.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_What_is_the_benefit_of_depreciating_rental_property\"><\/span>4. What is the benefit of depreciating rental property?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nDepreciating rental property allows you to offset rental income and reduce your taxable income, resulting in potential tax savings.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"5_Are_there_any_limits_on_the_amount_of_depreciation_I_can_take\"><\/span>5. Are there any limits on the amount of depreciation I can take?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nThere are limits on the amount of depreciation you can take on rental property, particularly if the property was placed in service before 1987 or if it was acquired through a like-kind exchange.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"6_Do_I_have_to_recapture_depreciation_when_I_sell_the_rental_property\"><\/span>6. Do I have to recapture depreciation when I sell the rental property?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nYes, when you sell a rental property that you have depreciated, you may be required to recapture the depreciation taken as a taxable gain.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"7_Can_I_take_bonus_depreciation_on_rental_property\"><\/span>7. Can I take bonus depreciation on rental property?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nBonus depreciation is generally not available for residential rental property, but it may be available for certain improvements made to the property.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"8_What_happens_if_I_stop_renting_out_the_property\"><\/span>8. What happens if I stop renting out the property?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nIf you stop renting out the property and convert it to personal use, you will need to stop depreciating the property.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"9_Can_I_take_depreciation_on_personal_property_within_the_rental_property\"><\/span>9. Can I take depreciation on personal property within the rental property?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nYes, you can depreciate personal property within the rental property, such as appliances and furniture, over a shorter useful life than the building itself.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"10_Do_I_have_to_recapture_depreciation_if_I_convert_the_rental_property_to_my_primary_residence\"><\/span>10. Do I have to recapture depreciation if I convert the rental property to my primary residence?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nIf you convert a rental property to your primary residence, you may be required to recapture depreciation taken on the property.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"11_Is_there_a_limit_on_the_number_of_years_I_can_depreciate_rental_property\"><\/span>11. Is there a limit on the number of years I can depreciate rental property?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nYou can depreciate rental property as long as it is being used to produce income. Once the property is no longer income-producing, you must stop depreciating it.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"12_Can_I_amend_past_tax_returns_to_take_depreciation_on_rental_property\"><\/span>12. Can I amend past tax returns to take depreciation on rental property?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nYes, you can generally amend past tax returns to claim depreciation that you may have missed in previous years. However, there may be limitations on how far back you can go to amend a return.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rental properties can be a valuable source of passive income for many individuals. However, navigating the tax implications of owning rental property can be confusing. One common question that landlords often have is, &#8220;Can I take depreciation on rental property?&#8221; Can I take depreciation on rental property? Yes, you can take depreciation on rental property. &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Can I take depreciation on rental property?\" class=\"read-more button\" href=\"https:\/\/namso-gen.co\/blog\/can-i-take-depreciation-on-rental-property\/#more-129650\">Read more<span class=\"screen-reader-text\">Can I take depreciation on rental property?<\/span><\/a><\/p>\n","protected":false},"author":25,"featured_media":107420,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86279],"tags":[],"class_list":["post-129650","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-learn","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Can I take depreciation on rental property?<\/title>\n<meta name=\"description\" content=\"Rental properties can be a valuable source of passive income for many individuals. 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