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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.
Instructions. Use depreciation to reduce the costs basis of your condominium investment. Depreciation is an accounting method used to calculate the decline of an asset's value over its useful life. The Internal Revenue Service allows depreciation as an expense against taxable net income.alculate net profit or loss on a rental condominium by subtracting deductible expenses, including depreciation, from income. Expenses include operating expenses, mortgage interest and depreciation. Let's say you purchase a $200,000 condominium.