Depreciation for Renting Out Part of Your House
If you rent out part of your home, you can deduct your rental expenses from your taxable rental income. In some cases, you also can deduct those expenses from nonrental income. Depreciation -- the wear and tear on your property -- is one of the expenses you can claim, provided you meet the Internal Revenue Service requirements for taking the deduction.
Rental Income
If you rent out a room for less than 15 days in the year, you don't report your rental income or your expenses. If you use the room for personal purposes for at least 10 percent of the time you rent it out or 15 days, whichever is greater, you can't deduct rental expenses from nonrental income. Personal days include any days you let someone stay there for free or they pay below the market rate for a rental. If your personal use is below that amount, you can deduct expenses from other income.
Depreciation Requirements
You can only claim depreciation if you own your house. If you're renting your home out but sublease your basement to someone else, there's no deduction available. You must own the house for more than one year to claim depreciation. If you start renting out part of your home midway through the year, you can only deduct depreciation for that portion of the year. If you stop renting the room, you cannot claim depreciation after that date.
Calculations
When deducting expenses on your house, you must divide them between the rental and personal-use portions. If you rent out 12 percent of your floor space, you can deduct 12 percent of your depreciation and other expenses. If you turn the rental room into personal space for 25 percent of the year, however, then you have to shave 25 percent off your deduction. You must use IRS guidelines to figure the amount of depreciation based on the purchase price, added expenses and the particular depreciation formula you use.
Furniture
If you furnish the rental area -- chairs, kitchen equipment and a refrigerator -- you may be able to claim depreciation on the furnishing. If you buy the furniture new, that purchase price would probably be your basis for figuring depreciation. If you take furniture you've been using for your own home and install it, you may have to use the fair market value at the time you convert it to rental use.
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