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Yes, you may depreciate the building
Please let me know.
In fact , you NEED to depreciate the building
Even if more than 50years old building?
You depreciate the building from the time YOU purchase it
doesn't matter if anyone else depreciated it in the past
Can you tell me the calculation for depreciation?
Yes, its done by a % set up by the IRS
let me find that for you.....will take a minute
Thank you so much.
finding a good copy that you can read is the hardest part of answering this question
please bear with me.........
well, I am there.......just takes a minute for the information to load
Sorry its taking so long...., but depreciation is based on the property you're depreciating (the term "property" in this context is any thing depreciable, such as a car)
and there are ALOT of depreciation tables
However I think it should be done loading here in just a minute
I want to make it sure that I can depreciate this 53years apartment building.
Somebody told me that over 40years building can not be depreciated.
You will not be able to depreciate the building over a 53 year live span
the IRS decides how many years you can depreciate something based on the type of property it is
for example: car is depreciated over 5 yars
the 40 years somebody quoted you is for non rental business property............such as a general store for example
You mean even if this building age is 53 years, I can depreciate this building from purchasing date for 40 years.
rental property, like yours, is depreciated over 27 1/2 years
Let me see if I can explain this a little better
(please ask any questions along the way if you need to)
the building may be old.......but its a new purchase for you
For example.......let say you purchase a home strictly rental purposes
the home may be 25 years old......but YOU didn't put the home "into service" (meaning you couldn't rent it until your purchased it)
this is 23units commercial apartment building, not residential property.
was hoping the example of the home would be easier to understand...........theory is the same
residential 271/2 year, and commercial 40years??
so you mean my case 40years ?
rental is 27 1/2 years
if the building was an office bldg for example.......then it would be 40 years'
ok I found your table
It is good thing to know O can depreciate this 53years old building.
it is on page 73 of
if you would like me to explain it to you (its not hard once you know what you're looking at), then I'll wait until you get to that page
Thank you so much. I will take a look. And
I appreciate your information.
You're most welcome
I do not have time now.
no problem. If you find you need help or you have a follow up question, you may come back to this thread by bookmarking it.......even after you rate and pay
Thank you. I will. Have great day!!