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 ?
