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How do you calculate depreciation on rental property?
In Massachusetts in 1983, I bought a family rental income property for $80,000. What is the depreciation I can claim for my 2008 taxes, if any? I did not claim any because I was told there was no depreciation left to be claimed on the property-- because I had owned it for so long. Is this true? Please help me with this! Many thanks.
When did you place the property in service as a rental property? If it was 1983, you used the ACRS system which depreciated the property over 15 years. So you would not have taken any deprciation for the last ten years or so.
If you placed the property in service after 1986, you use the MACRS system. In this system you have 27.5 years of depreciation, which extends over 29 tax years because the first and last year are partial years for depreciation. You would have five or more years left. For each full year of service, you would take about $2,900 depreciation if your basis is $80,000.
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