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I purchased a new property in 2009 for US$300K. This was my primary residence till May31/2011. From June01/2011 its been rented out. On June01/2011 the market value of the property was US$350K.
1. Should the depreciation be on 300 or 350?
2. For how many years should the depreciation be spread over?
Use 350. The years are already defined in the procedure.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best