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QUESTION DETAIL
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I purchased a rental proper in September 2011 and rented it in November 2011. The house was 24 years old. What depreciation recovery period and depreciation method should I use?
ANSWER
The BIDaWIZ Team's Answer:
Generally speaking, you would depreciate the property using the general depreciation system in IRS publication 527. Residential rental property (buildings or structures) and structural components such as furnaces, waterpipes, venting, etc. carries a depreciation period of 27.5 years.
