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8 Arms Accounting
Level 2
March 14, 2024
Solved

How to remove part of depreciable asset.

  • March 14, 2024
  • 1 reply
  • 7 views

My client has a commercial building that's been depreciated over the past 3 years.  Last year they converted a portion of it into an apartment that they now live in.  How do I "remove" or recapture that portion of the depreciation?  

    This topic has been closed for replies.
    Best answer by sjrcpa

    It stays since it was claimed. No recapture upon mere conversion to personal use. Just depreciate the appropriate business use percent now.

    1 reply

    sjrcpa
    sjrcpaAnswer
    Level 15
    March 14, 2024

    It stays since it was claimed. No recapture upon mere conversion to personal use. Just depreciate the appropriate business use percent now.

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