Partnership bonus depreciation

Forum|Forum|5 years ago
March 11, 2021
3 replies
24 views

In 2020 if a partnership buys and places into service a commercial rental building, can it claim any bonus depreciation? The partnership has a loss for 2020 before any depreciation is deducted, so it doesn't qualify for Section 179. My read of the bonus depreciation indicates that any assets with a useful life of greater than 20 years is not eligible for the bonus depreciation deduction.

ProSeries Professional

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Best answer by sm5463

Your interpretation is correct. If this asset type is entered on the asset entry worksheet, the program will not allow you to select bonus depreciation since it is not a qualified property type.

sjrcpa

Level 15

Buildings are not eligible for bonus depreciation.

The more I know the more I don’t know.

M

MDavis1506Author

Level 2

Thank you for confirming my research. Much appreciated.

S

sm5463Answer

Level 3

Your interpretation is correct. If this asset type is entered on the asset entry worksheet, the program will not allow you to select bonus depreciation since it is not a qualified property type.

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