Can I take partial depreciation?

[Swati Patel]

Hi all! I had a question when I started doing taxes for my rental property for the year 2019. The unit was rented for the entire year. So here's the scenario.

Total income from rental = $10,000

Expense (including repairs, mortgage interest, taxes but not including depreciation) = $6000

Depreciation for 2019 is about $7000. But if I take the entire depreciation, my total expenses comes up to $6k + $7k = $13k which is $3k beyond my income. 

So here are my questions.

1. If I take entire depreciation of $7k, and have $3k in losses, can I carry over this loss into next years taxes for the rental?

2. Or can I take partial depreciation of $4k just enough to offset the income?

Your expertise in this matter will be appreciated.

[Basit Siddiqi]

@Swati Patel

There is no such thing as taking partial depreciation.

There are some items that you can do to accelerate/slow down depreciation but there is no such thing as partial depreciation.

Accelerate depreciation = Bonus depreciation, section 179 expense, cost segregation analysis
Slow down = Making an election to opt out of accelerated depreciation.

Regarding whether or not you can utilize the rental losses to reduce your taxable income...It depends on what your adjusted gross income is.