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You can only claim deductions for the period during the year that the property is rented or is available for rent. If you live in a property and intend to rent it out in future, investment property depreciation is not available to you until it is used for rent generation.
IRS Depreciation Methods. Depreciation is a tax deduction for long-lived business and investment property. You normally cannot expense the full purchase cost of business property in one year but must spread out the deductions over the propertyâs ârecovery period.â Different types of properties have different recovery periods.