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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.
If the net is a loss-it is an ordinary loss. 1245 property, includes depreciable assets held by a business for intergral use. If the property has been depreciated, the recapture of depreciation is ordinary income, with any gain in excess of depreciation recapture considered a capital gain.For instance.231 property does not include assets held for resale, such as inventory. Section 1231 tax effects provide the best of both worlds from a taxation standpoint-losses are ordinary losses and gains are considered capital gains. If the net of asset sales on 1231 property exceed cost-the gain is a capital gain.