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swaju01
New Member

I own a commercial bldg that is a self-rental (my biz rents it). Need to add asset (bldg improv) to depreciate. How do I add commercial asset (39 year dep, not 27.5 yrs)?

 
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3 Replies
ColeenD3
Expert Alumni

I own a commercial bldg that is a self-rental (my biz rents it). Need to add asset (bldg improv) to depreciate. How do I add commercial asset (39 year dep, not 27.5 yrs)?

  • Click on the Business tab at the top of your screen
  • Continue, I'll Choose What I Work On, find 
  • Business Income and Expenses, click on start or update,
  • If you have already entered your business income and expenses click to Edit your business. This takes you to your businesses home page.
  • On this page scroll down to Business Assets, click start or update.
swaju01
New Member

I own a commercial bldg that is a self-rental (my biz rents it). Need to add asset (bldg improv) to depreciate. How do I add commercial asset (39 year dep, not 27.5 yrs)?

I don't see a "business tab" at the top of my screen.  I'm using TurboTax online, Self-employed version.  In any case, the asset I need to depreciate is for a commercial building I own and rent to my business.  The building is a rental and the asset (an addition to the building) should be tied to the rental property, not the business.  I see where I can classify a rental property as "commercial" and maybe that would invoke the 39-year deprecation life, but, in this case, as I understand it, the rental property should be classified as a self-rental because I rent the property to my business.  When adding assets to depreciate to a rental property classified as "self rental", TurboTax seems to assume it's residential.  I say that because when I click to add an asset, the only real estate asset option specifically says "Residential Real Estate" and the depreciation life for the asset is 27.5 years.  An addition to a commercial building, should have a depreciation life of 39 years. If there's not a way to pick something in the usual user interface, is there a way I can modify the depreciation life directly in the return? 

ColeenD3
Expert Alumni

I own a commercial bldg that is a self-rental (my biz rents it). Need to add asset (bldg improv) to depreciate. How do I add commercial asset (39 year dep, not 27.5 yrs)?

Did you enter that it was a self-rental when your entered the Rental section? See the screen shot below.

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