Always make sure you talk to your tax professional about depreciation and the type of deduction you might be able to take here. You can depreciate your property within the guidelines provided by the Internal Revenue Service (IRS). According to the IRS, you can depreciate a rental property over a period of 27.5 years.
So, let’s say you buy a single-family home for $200,000. The land that home is on might be worth $20,000, and the property itself is worth $180,000. You cannot depreciate the land, but you can take that $180,000 and divide it by those 27.5 years.