re: Help me understand depreciation on a rental property

You depreciate it over the useful life of the asset usually 27.5 years. The tax software will set it up and will compute a fixed annual depreciation. You car write off mortgage interest, property taxes, HOA fees, repairs and maintenance, utilities, etc.

NOTE: Once you sell, you will have to pay back depreciation recapture, along with any potential capital gain.

Just search local CPA's in your area. Call one or two and ask for a meeting. If they blow you off, go to the next. You want to find someone who will give for information and not just bill you every time you ask a question.