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Updated almost 10 years ago on . Most recent reply presented by

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Sam Thompson
  • Real Estate Investor
  • Emerald Isle, NC
0
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depreciation expenses for personally used vacation home

Sam Thompson
  • Real Estate Investor
  • Emerald Isle, NC
Posted

After only using our rental property for 14 days or less for the last 10 years, this year we will be using it quite a bit for personal use which will reduce the amount of expenses we can claimfor the property on Schedule E in 2015.  Two questions about this:

1. Assuming I've had 10K of depreciation each year and this year due to our personal use days we are limited to claiming 4K on schedule E, when we go to sell our property, will the IRS require me to use 10K for depreciation for 2015 when calculating my basis for the sale?

2. If we convert our property to a second home in 2016 and do not rent it at all, again when we go to sell our property, will the IRS require me to use 10K for depreciation for 2016 when calculating my basis for the sale?

Sam

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