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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.
Basics of depreciation. As a business owner, you can normally deduct business expenses in the year you incur them, but the rule is different for property you buy that is expected to last more than one year, such as buildings, machinery and furniture. For assets placed in service in 2014, you can take a maximum deduction of $500,000. 2  Investment limit. 3  As a way to focus this tax break on smaller businesses, firms whose investment in new property exceeds a threshold amount gradually lose the right to expensing. 4  For 2014, the investment threshold is $2,000,000.