 Income tax 2022-2023, depreciation of rental property basics part number two. Let's do some wealth preservation with some tax preparation. Most of this information comes from publication 527 residential rental property including rental of vacation homes tax year 2022. You can find it on the IRS website, irs.gov, irs.gov. Looking at the income tax formula, we're focused online. One income, remember in the first half of the income tax formula is in essence and income statement but just an outline. Other forms and schedules flowing into these line items. One of those, the Schedule E. It basically being an income statement in and of itself with rental income minus rental expenses. The net rental income flowing into line one income of our income tax formula. So in a prior presentation, we've been talking about depreciation related to the rental property.