Posted by JHyre in Ohio on October 30, 2003 at 08:02:27:
You can depreciate based on the LOWER of current FMV or basis (1976 purchase price + cost of improvements made between then and now).
John Hyre
Depreciation - Posted by Sterling
Posted by Sterling on October 28, 2003 at 19:19:58:
I have owned my present residence since Jan 1976. I has never been rented. Suppose I now want to rent it. Since it has been 28 years since I purchased it can I claim depreciation or have I missed the chance? I.e., can I start the depreciation clock now or has it already run out?
If I can depreciate it do I base the depreciation on the 1976 purchase price or on the present appraised value?