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Returning Member
posted Feb 14, 2021 3:46:31 AM

Improvements 20 year life

Last year's taxes were done by a tax preparer.  I'm transferring to TT this year.  On depreciation, I've reported a 20 year life on rental improvements but I can't figure the corresponding code in TT.  The closest I get is 15 years.  

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1 Replies
Expert Alumni
Feb 14, 2021 7:12:33 AM

What type of improvement was it? If it was a component of the building, it has a 27.5 year life the same as the building does. Per Pub 946:

 

20-year property.

a. Farm buildings (other than single-purpose agricultural or horticultural structures).  

b. Municipal sewers not classified as 25-year property.

c. Initial clearing and grading land improvements for electric utility transmission and distribution plants

 

Please see this link for PUB 946 and go to Appendix B for the useful life of assets.