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New Member
posted Jun 6, 2019 6:03:10 AM

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

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1 Best answer
Intuit Alumni
Jun 6, 2019 6:03:13 AM

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]

2 Replies
Intuit Alumni
Jun 6, 2019 6:03:12 AM

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

Intuit Alumni
Jun 6, 2019 6:03:13 AM

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]