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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.
Residential real estate can be âdepreciatedâ over 27 Â½ years or 40 years, depending on the schedule you adopt. Depreciation is an income tax deduction that enables rental property owners to recover their costs. If you donât claim depreciation, you still have to ârecaptureâ it when you sell the property. Depreciation recapture involves adding the prior depreciation deduction amounts to the sale price.