Can a building that's been owned in a business for 34 years still claim a depreciation deduction, or has that run out?

merciful2016 · ‎June 6, 2019

IreneS · ‎June 6, 2019

UPDATED FOR TAX YEAR 2019

Probably.

Depending on the year it was put in service in the business, and the system of depreciation used (ACRS or MACRS) it has a depreciable life of 15-35 years

If you placed a non-residential building in service in 1985, it would have a recovery period of 18 years under ACRS and would be fully depreciated.

[Edited | 3/26/2020 | 11:51am PDT]

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View solution in original post

IreneS · ‎June 6, 2019

Is it still being used by the same business or is a new business using it?

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IreneS · ‎June 6, 2019

UPDATED FOR TAX YEAR 2019

Probably.

Depending on the year it was put in service in the business, and the system of depreciation used (ACRS or MACRS) it has a depreciable life of 15-35 years

If you placed a non-residential building in service in 1985, it would have a recovery period of 18 years under ACRS and would be fully depreciated.

[Edited | 3/26/2020 | 11:51am PDT]

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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Can a building that's been owned in a business for 34 years still claim a depreciation deduction, or has that run out?