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pgordon1912
Level 1
March 4, 2020
Question

DEPRECIATION

  • March 4, 2020
  • 1 reply
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I PURCHASED CARPET FOR MY RENTAL HOUSE FOR $5183 IN 2019. HOW SHOULD I ENTER THE DEDUCTION

    1 reply

    LeonardS
    LeonardS
    Level 14
    March 4, 2020

    If your new carpet is an improvement rather than a repair, you must treat the expense as a capital expense and depreciate.

    If the carpet is tacked down, it is classified as personal property and is depreciated over five years. However if the carpet in a residential rental property is glued down, it is considered to be part of the building structure and must be depreciated over 27.5 years.

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