Depreciation begins immediately after a property becomes available for rent or is placed into commercial use. For example, say Taylor purchases a rental property on March 1, 2021, but doesn’t begin renting it out until March 15, 2021, at which time a new lease with their tenant Jordan begins. They can begin depreciating the property on March 15. Note that when service begins during a calendar year that has already started, the amount of depreciation available to you is prorated for this first-year term.