royeyrich
May 5, 2010, 12:33 AM
Real Estate Rental Property converted back to personal use. How do I calculate the depreciation in the year I stopped using my home as a rental property.
AtlantaTaxExpert
May 6, 2010, 09:35 AM
The day you move back in is the day the depreciation stops.
Rental real estate is depreciated over 27.5 years using straight-line depreciation, so each day has the same depreciation amount. Take the depreciation claimed on the 2009 tax return, then divide by 365 to get your daily depreciation.
The rest is elementary school math.