I've owned a home for 4 years and lived in it for 3. This past year, I've been renting it out since I'm now living overseas (Military tour). I know that the interest and taxes are deductible, but the rental payments are taxable. I also understand that any expenses (i.e. repairs) are deductible.
My question is, what other things do I need to know about filing taxes as it relates to my rental property? Particularly, can I count depreciation of the property and how is depreciation calculated?Home rental and taxes?
Yes, you can depreciate the property starting with the month it was converted to rental.
Depreciation can be a bit tricky and unfortunately I do not have the charts in front of me right now. Check IRS.gov.
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