Level 2

Solved

RENTAL PROPERTY DEPRECIATION

6 replies
62 views

Depreciation of rental property, can I depreciate the property?

Individual

This topic has been closed for replies.

SkylaneAnswer

Intuit Community Champion

you take depreciation on buildings and improvements. You do not take depreciation on land. You'll find asset classifications and asset life in the help files.

If at first you don’t succeed…..find a workaround

Just-Lisa-Now-

Intuit Community Champion

Of course, rental property gets depreciated.

Are you a tax professional?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

abctax55

Level 15

Not only 'can' you, you have to.

Research (or do some CPE... IF you are a tax pro) on *allowed vs allowable*

HumanKind... Be Both

IRonMaN

Level 15

One word - holy crap. Ok, I lied that was two words, but I got so confused after reading that question.

Slava Ukraini!

G

garman22

Intuit Community Champion

I hope you ended here by mistake.

Yes, the property must be depreciated if used as a proper rental.

Skylane

Answer

Intuit Community Champion

you take depreciation on buildings and improvements. You do not take depreciation on land. You'll find asset classifications and asset life in the help files.

If at first you don’t succeed…..find a workaround

S

SaladefinaAuthor

Level 2

I appreciate your support.

Sign up

Login with SSO

Let's get you signed in

Login with SSO