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Old 04-08-2012, 01:07 AM
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Depreciation on Residential Rental Property

I purchased a home in 2006 that I first used as a personal residence from 2006 to 2008; then rented it out from 2008 to 2010; then, again, used it as a personal residence from 2010 to 2012; and am now renting it out again.

Do I need to refigure the basis of the home for depreciation purposes for tax years 2012 and on. The fair market value of the home is now less than the basis I used for rental depreciation from 2008 to 2010. The home was purchased at the top of the market in 2006 and has lost 25% of its value.

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