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Get your taxes done using TurboTax
Thank you for your input, but now I am confused. The assets I am talking about are improvements inside a rental condo purchased in 2010. All assets listed in Form 4562 survived their listed life (generally 5 or 7 years, with the exception of the rental condo itself), and are still in use or have been replaced. The assets are mostly furnishing (new counter tops, carpet, window treatment, furniture), appliances, and TVs. I listed our condo expenses without paying much attention to the assets, because due to the high cost of utilities, taxes, insurance and management fees we have never made a profit on the condo rental. Only the first year I used the Special Depreciation Allowance. I don't even know what the 200DB/MQ or 200DB/HY in the Method/Convention column means or where exactly it came from.
We are both in our 70s, and don't plan on selling the condo any time soon. The assets inside the condo are not worth much, and couldn't be sold separately. Most likely, our children will inherit the condo, but I don't want them to inherit any headaches. In the future, would it be better if I list only major structural upgrades as improvements? For the time being, should I just keep all the assets in TurboTax (unless they are thrown out and replaced)?
Thank you.