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If I'm depreciating a rental property for the first time, do…

If I'm depreciating a...

If I'm depreciating a rental property for the first time, do I have to do it over 27.5 years or can I do it over a shorter time span?

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We built a small house on our property to use as air b&b. We paid cash to build it, thinking we could deduct the expense, but in looking over the depreciation forms, it looks like you have to depreciate it over 27.5 years, which means we will be able to recoup very little of our expense this year.

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Answered in 3 minutes by:
4/14/2017
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,202
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Unfortunately you may not change the years allowed. Those are set by the tax code and for property used for residential (people staying in it) the years are 27.5

The house it self is depreciated over 27.5 years.

Please let me know by posting below if you need clarification and so I know you could view the answer. If you do not require more information, a positive 5 star rating is appreciated.

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,202
Experience: 15years with H & R Block. Divisional leader, Instructor
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