Why would you not want to depreciate a rental? Depreciation is a good thing in that it will lower your current tax bill. My biggest question is what schedule to use. It seems like personal rental property is 29.5 years, but I’ve heard on this board 7, and 15 years as well. Will I get in trouble with the IRS for using too fast of a schedule?
you have to depreciate a rental property. the irs will do it when you sell and you will pay capital gains on the lower basis. you will not be able to redo your income tax after 3 years, and it will cost you more. depreciation will reduce your income tax on the rental income.