IRS Publication 527 — Residential Rental Property
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“Any expen- ses related to the home, such as mortgage interest, prop- erty taxes, and any qualified casualty loss, will be reported as normally allowed on Schedule A (Form 1040).”
Most business and investment property placed in service after 1986 is depreciated using MACRS.
This section explains how to determine which MACRS depreciation system applies to your property. It also discusses other information you need to know before you can figure depreciation under MACRS. This information includes the property’s:
• Recovery class,
• Applicable recovery period,
• Convention,
• Placed-in-service date,
• Basis for depreciation, and
• Depreciation method.
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