Depreciation on an old property

[Amol Kulkarni]

Hi all, new here and just starting out, and have a bunch of really basic questions so please bear with me :)

If I were to buy an old property that is past its depreciation period, is there any form of depreciation I would be able to claim?

[Nathan Gesner]

Quote from @Amol Kulkarni:

Depreciation starts the day YOU purchase it. It doesn't matter if it is brand new or 150 years old. You get to depreciate using the price you paid for it, and the clock starts ticking the day you buy it.

You can depreciate this property for ten years, sell it using a 1031 exchange so you don't pay taxes, and then start depreciating on the next property. It's a great tax shelter benefit!