 Income tax 2022-2023, depreciation of rental property basics part number one. 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 on the IRS website irs.gov, irs.gov. Looking at the income tax formula, we're focused on line one income. Remember on 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, basically an income statement in and of itself with rental income minus rental expenses. The net rental income flowing into line one income of the income tax formula. We're focused now on depreciation, which is a very key component.