Selling Investment Property Taxes

Investment Property Taxes (purchased end of 2007)?

I bought an investment property in September of 2007 and was hoping to have it sold before January 31 hit, but that was not the case. This year I am doing my taxes with turbo tax and I am filing the house under a rental property to be able to take advantage of all the repairs and other items I have put into the house.
The question that I have is that when I sell the house in 2008 will I still be able to deduct the depreciated items (Carpet, etc) to help bring the amount that I profited from the house down so that the capital gains tax won’t takes as much. Or if any one has been through a similar sinerio please provide advice on what approach I should take.

If you have never made the property available for rent, you can’t use the schedule E.

Just put the property taxes on schedule A.
The cost of the carpeting is added to the basis.

Property and Share Investment Seminar – Part 2

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