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New Member
posted Jun 4, 2019 2:57:11 PM

I bought an office condo for my insurance business this year. How do I depreciate this property?

I bought an office condo this year for my insurance agency business. I previously had been renting a condo. I don't see anywhere to enter information that will calculate the depreciation amount.

An aside, I also have a 2nd home which I rent out and I do see where to depreciate it. I assume that the office condo should be depreciated somewhere in the business deductions.

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1 Replies
New Member
Jun 4, 2019 2:57:12 PM

You will depreciate your office condo as a business non-residential real property (Office Building) asset over 39 years.

  1. Select the "Business" tab, then press "Continue"

  2. On the "How do you want to enter your business income?" screen press "I'll choose what I work on"

  3. On the "Let's gather your business info" screen select "Schedule C, Form 1099-MISC" under the "Business Income and Expenses" heading, then press "Start" or "Update"

  4. Since you have already entered information for your business, click "Edit" on the "Here's the business info we have so far" screen

  5. On the "Your Business" screen, scroll down to "Business Assets" and press "Update"

  6. On the "Any Large Purchases (Depreciable Assets)?" screen, press "Yes"

(See one of the two attached screenshots below. Click to enlarge.)