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I
Icat
Level 2
April 13, 2022
Question

Depreciation - end of class life issue

  • April 13, 2022
  • 1 reply
  • 7 views

I have a rental building that has 6 months left of depreciation on its 27.5 year class life. That final depreciation amount is not showing up on Sch E and the depreciation tables. Why?

 

 

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1 reply

T
TaxGuyBill
Level 15
April 13, 2022

Does the prior depreciation indicate it is already fully depreciated?

 

    I
    IcatAuthor
    Level 2
    April 13, 2022

    The "Prior Depreciation" amount is less than the Cost Basis amount; with the difference being the final half year amount.  Yet the "Current Depreciation" column shows zero.

    T
    TaxGuyBill
    Level 15
    April 13, 2022

    Weird.  And you've confirmed that this is the last year (it would not calculate if for some reason last year was the last year)?  Double check the "placed in service date".

    Otherwise, it seems to be a rather bizarre glitch.

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