Depreciation - Residential Rental Property

[ruthc]

I would like to know if I am on the right track to depreciating the following. I am depreciating a residential rental property that was put into service (let's say) on January 1, 2012. I am good on the basis and the % of rental use. I am using table A-6 Mid-Month Convention SL 27.5 yrs. I am using 3.485 for the 1st year.
My question is: Do I have to adjust the $2614 by anything (like the 1/2 yr convention)? I don't think so because it was put into service on Jan 1st.
Basis e.g $100K, rental is 75% = depr amt of $75K, depr = 3.485% x $75K = $2614

Thanks for your help. I always hated depreciation. My minds just closes up when I hear the word!

[Roland Slugg]

You are correct, Ruth. Real property uses the "mid-month" convention, and that is built into the tables. If you study the table, for year 1, you will see that the percentage is smaller for each later month in the year. For the remaining years the percentage will alternate between 3.636% and 3.637%.

[ruthc]

Thank You

Roland, Thank you so much. I needed to be assured I was thinking ok. I feel much better now! Good luck this season.