Updated about 4 years ago on . Most recent reply
Depreciation fo rental property
If I have this correct, the IRS allows one to depreciate a rental property over 27.5 years (if I am wrong, please correct me). My question is this: If I buy a property from an owner who has had the property for 30 years, he / she has already depreciated it to zero. Am I really allowed to "re-depreciate" it (yes I made that word up) over another 27.5 years?