Which of the following is TRUE regarding the depreciation of residential rental property?

1.Taxpayers are required to depreciate such property using the General Depreciation System (GDS).

2. Unimproved land is depreciable over 30 years if the taxpayer intends to construct resirential rental unit on the land.

3. Depreciation begins on the first day of the calendar year in which such property was placed into service.

4. Taxpayers who use the GDS system depreciate the property over 27.5 years.