Renting Main Residence

[RLymanC]

Client has lived in home for 6 years,,,lived in home first 3 months of 2007, moved out of area and rented home out for the rest of 2007. The home has been up for sale since March of 2007.

Does depreciation have to be taken, or is the fact that it has been on the market the entire year exempt the depreciation claim.

[gkaiseril]

Allowed or Allowable

One is not forced to take deprciation, but if it is not taken what would have been allowed will have to be recovered even though none was taken. So it is better to take it.