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Whatever depreciation method you use, you must stop claiming depreciation when the cumulative depreciation you've claimed over the years is equal to your original cost or other basis for the asset, or when you retire the asset from service in your business.
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Warning
One of the more common mistakes business owners make is to continue depreciating property beyond the end of its recovery period.
This is not permitted, except in the case of "luxury cars" where the dollar limits prevented you from claiming the full depreciation amounts within six years after the car's purchase.
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If the asset is sold, scrapped, or otherwise disposed of, you can claim a depreciation deduction for the year of disposal, based on the depreciation convention you used.
For example, if you were using the usual MACRS method, which includes a half-year convention, you're treated as owning the asset for half of the final year; if you were using the mid-month or mid-quarter convention, you're treated as owning the asset until mid-way through the month or quarter in which you stopped using it.
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