Yes, the cost of a building is generally considered depreciable for tax purposes. Depreciation is an accounting method that allocates the cost of a tangible asset over its useful life. For tax purposes in the United States, residential rental properties are typically depreciated over 27.5 years, while commercial properties are depreciated over 39 years.
It's important to note that while the building itself is depreciable, the land on which the building sits is not depreciable. Additionally, improvements made to the building (such as renovations) can also be depreciated separately.
Tax laws and regulations can change, so it's always a good idea to consult with a tax professional or accountant for specific advice related to your situation and to ensure compliance with current regulations.
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