pk
Level 15
Level 15

Investors & landlords

So what you are talking about is using the life of each asset on its own  and the bare building on its own --- I understand  that method.  If this is your first year on TurboTax  then you have to  set each depreciable asset as a different asset i.e. segregate / allocate   depreciable basis   ( cost, life class, put in service date etc. ) and the  bare building as a 27.5 year  life.  To me while this method is helpful in getting faster depreciation of the components, when you sell the property  you may end up with a possible bigger gain  and possibly less with capital treatment ( all  gain  attributable to depreciation must be treated as ordinary gain )

If this is not your first year i.e. you have been using one method of depreciation and want to change method then you need to get IRS approval ( I do not remember the form number  ).

Which is your case ?