Depreciation is only claimed on the value of improvements (structure) and not on land value. The tax assessor gives you the breakdown between the two. However, when you convert the property from primary residence to investment property the cost basis will not necessarily be the same as when you bought it. Your accountant should be able to explain it. Another thing to remember is that the income you will get from the property will be "Passive" income; in comparision, the income you get on say a W-2 or 1099 basis is "Active" income. Do make sure you ask your accountant to explain how that can affect you especially in terms of offsets and carry forward losses.
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