Depreciation

[Rob White]

I always thought of depreciation as 27.5 years following the date the building was constructed. I was in discussion with a friend and we couldn’t definitively say if it was 27.5 years from construction or if it resets when you buy a property.

For example: I purchase a residential rental property which was built in 1965. Can i depreciate it for the next 27.5 years, or can I NOT because its more than 27.5 years old and the depreciable time has past?

Thanks for your help, Rob