Let us assume that we own our personal residence. One question of interest is, “If we depreciate real property (e.g., land, buildings, etc.), can we depreciate the house in which we live?” Depreciation allows for the recovery of the cost of doing business. Since, in most cases, we do not “do business” in our own home, our residence is not a depreciable asset. You can, however, think of some instances in which a person conducts business at home. Can such a person working at home depreciate the cost of her house?