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You can only claim deductions for the period during the year that the property is rented or is available for rent. If you live in a property and intend to rent it out in future, investment property depreciation is not available to you until it is used for rent generation.
Companies must depreciate their assets annually. Depreciating assets will match the cost to purchase the asset and only record the expense as the company uses the asset. The two main accounts involved are Accumulated Depreciation, which is a contra-account to the asset and Depreciation Expense.. Accumulated Deprecation will decrease the value of an asset on the balance sheet, this is why it is a contra-account. Depreciation Expense will record the expense from using the asset on the income statement. Determine the amount of depreciation to account for. For example, Firm A uses straight-line depreciation.