I think the depreciation was straight line 27 years, but not sure.
You'll need to sign in or create an account to connect with an expert.
If you are referring to the house itself, it is Section 1250 property. If you were perhaps depreciating some personal property along with the house, then that might be Section 1245 -
To quote TurboTax superuser view2:
"Section 1245 property. This type of property includes tangible personal property, such as furniture and equipment, that is subject to depreciation, or intangible personal property, such as a patent or license, that is subject to amortization.
Section 1250 property - depreciable real property, including leaseholds if they are subject to depreciation.
The most common examples of §1250 property are buildings and ..... deck, shingles, vapor barrier, skylights, trusses, girders, and gutters. ... of the cost of construction of the building and depreciated over the life of the building."
A more detailed explanation of the types of property can be found at the IRS website
If you are referring to the house itself, it is Section 1250 property. If you were perhaps depreciating some personal property along with the house, then that might be Section 1245 -
To quote TurboTax superuser view2:
"Section 1245 property. This type of property includes tangible personal property, such as furniture and equipment, that is subject to depreciation, or intangible personal property, such as a patent or license, that is subject to amortization.
Section 1250 property - depreciable real property, including leaseholds if they are subject to depreciation.
The most common examples of §1250 property are buildings and ..... deck, shingles, vapor barrier, skylights, trusses, girders, and gutters. ... of the cost of construction of the building and depreciated over the life of the building."
A more detailed explanation of the types of property can be found at the IRS websiteStill have questions?
Make a postAsk questions and learn more about your taxes and finances.
needtaxhelp808
New Member
RMClark55
Level 2
rosi312177
New Member
jim202400
New Member
imthetaxman1
Returning Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.