Looking for some help from the experts here.
I own a rental condominium for which I paid $174,000 in 2006 ( $50,000 down and mortgage $124,000--> current prinicipal $100,000). I recently began renting it out in 2015. For the tax year of 2016 I would like to calculate depreciation. My understanding is taking the basis/27.5, do I deduct the amount directly from my profit in the rental property? Trying to do this myself through H&R block without a tax accountant but maybe its a little too much. Any help would be greatly appreciated.
I own a rental condominium for which I paid $174,000 in 2006 ( $50,000 down and mortgage $124,000--> current prinicipal $100,000). I recently began renting it out in 2015. For the tax year of 2016 I would like to calculate depreciation. My understanding is taking the basis/27.5, do I deduct the amount directly from my profit in the rental property? Trying to do this myself through H&R block without a tax accountant but maybe its a little too much. Any help would be greatly appreciated.
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