How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Wallstreet Esq. Your Own Question
Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 586
Experience:  10 years experience
16356563
Type Your Tax Question Here...
Wallstreet Esq. is online now
A new question is answered every 9 seconds

IF I PURCHASE AN APARTMENT BUILDING IN 2016 MILLION WITH

Customer Question

IF I PURCHASE AN APARTMENT BUILDING IN 2016 FOR 2 MILLION WITH AN ALLOCATED BUILDING VALUE OF 1 MILLION, WHAT DEPRECIATION CAN I TAKE FOR BONUS DEPRECIATION IN 2016?
THANK YOU
Submitted: 1 year ago.
Category: Tax
Expert:  Jonathan Tierney replied 1 year ago.
Hi, my name is ***** ***** I can help. Unfortunately, apartment buildings and other residential real property do not qualify for 179 or bonus depreciation. In addition, for real property you must use the mid-month convention to start depreciation, which means you would need to know the month the building was placed in service to determine how much is will be depreciated the first year. Do you have know what month the building would be available for use?