But back to the tips, do waiters and waitresses have a minimum percentage they are supposed to claim? Or has that already been discussed?
Selling your home, basically what you're concerned about is recognizing the gain on sale (or loss, if you took a hit selling it). You only pay taxes on the amount of profit (or deduct the amount you lost), unless it's your primary home (that has special rules that allow certain benefits). If it's a secondary income home, you'll just fill out a Schedule D and a Form 8949, recognizing a capital gain on the difference between your basis (or what you paid, either or) and what you sold it for.
Say you bought a house for $30,000, and rent it out,
You set up the deprecation for 30 years at $1000 per year.
This is the amount you deduct off of the property income each year.
After 5 years you sell the property for $35,000.
You would pay $10,000 in capital gains tax, because the deprecated purchase price is now $25,000.
Several decades ago, when I was a waiter, they gave a $2/hour tip credit.
So you worked at $2 below minimum wage, with the idea that you would make at least $2.00 per hour in tips.
The minimum wage amount got reported to the IRS.
If you made more than $2/hour, you were supposed to report it, but few did.
The purpose of depreciation is to ease the amount of recognized and taxable income you have to pay in any given year. It has no factor in the actual worth of the house, and is not a factor in its sale.