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Rental Depreciation: Landlord Checklist
A one-page checklist for depreciating a US residential rental: the start date, the land and building split, Table 2-2d, improvements, appliances and reporting.
PDF12 itemsFor landlords
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The first 5 of 12 steps
- Record the placed-in-service dateThe day the unit was ready and available for rent, not the lease date.
- Split land from buildingBy fair market value, or by the property tax assessment ratio.
- Leave the land outLand, clearing, grading and landscaping are not depreciable.
- Add qualifying purchase costsSettlement fees, and mortgage commissions, abstract and recording fees.
- Use the lower value for a former homeThe lesser of adjusted basis or fair market value when use changes.
+7 more items in the full checklist
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