Having had recently developed our Property Management processes here at CWR Investments, we look back over the past decade as rental property owners and independent landlords and realize how we have conducted poor asset management with missed opportunities. We did not fully comprehend the value of depreciating our assets nor did we fully inventory all items for our CPAs.
Understanding how and when assets depreciate at different rates and the importance of documenting each asset is vital. Our Property Management Tool we now use is built on an accounting ledger core and automatically keeps tracks of all asset depreciation values and can conduct reports as necessary for each owner and their CPAs.
Linked below is an excellent starting guide for rental property depreciation. It is a very valuable article.
https://www.investopedia.com/articles/investing/060815/how-rental-property-depreciation-works.asp