Transfer Of TitleTaxesMEDIUM
Depreciation on rental property for federal tax purposes is calculated over:
Correct Answer
B) 27.5 years for residential, 39 years for commercial
The IRS requires residential rental property to be depreciated over 27.5 years using straight-line depreciation. Commercial (non-residential) property is depreciated over 39 years. Only the building, not the land, can be depreciated.
Answer Options
A
15 yearsB
27.5 years for residential, 39 years for commercialC
20 years for all propertyD
30 years for residential, 40 years for commercialVideo Explanation3 min
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