My rental property is 34 years old. I bought it 5 years ago. Can I claim depreciation on my property for the year?

Forum|Forum|3 years ago
December 13, 2022
4 replies
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TurboTax Online

Best answer by Critter-3

OK ... when you place the rental into service the depreciation starts. Residential rentals are depreciated over 27.5 years no matter how old the building is or how long you owned it before it began being a rental property. Depreciation is required ... it is not an option. Follow the TT interview screens carefully to get this entered correctly ... FYI the depreciation section (form 4562 ) will not be functional until mid January.

https://ttlc.intuit.com/turbotax-support/en-us/help-article/taxation/irs-forms-availability-table-turbotax-individual/L0JQ1PHNW_US_en_US?uid=lblgm61p

Critter-3

Level 15

Has it been a rental property for you all the years you have owned it ? If yes have you not been depreciating the property all those years ?

jlynn303Author

Level 2

Hi @Critter-3, I just started renting it in 2022. I've not claimed depreciation on my condo previously. My question relates to the useful life of my rental condo. I read that straight line depreciation would be used here, and that the useful life is 27.5 years. Given that the age of my condo (34 years) exceeds 27.5 years, I was wondering if my condo was fully depreciated and I therefore could not claim depreciation on it?