US Return: Rental Property Depreciation
I purchased a new property in 2009 for US$300K. This was my primary residence till May31/2011. From June01/2011 its been rented out. On June01/2011 the market value of the property was US$350K.
1. Should the depreciation be on 300 or 350?
2. For how many years should the depreciation be spread over?