Thank you for your answer.
I’m not a real estate professional and I own a residential rental. My question was referring to improvements I had done in my rental. So I’m clear about my next steps and before I move on to post my expenses I’d like your advice on the following:
1. Following the interview in TT I Elected the De Minimis and the Special Depreciation Allowance in TT for my rental property 2023 expenses
2. In 2023 I spent $2000 on new garage door, $5,094 on new carpet and $13,900 on new kitchen cabinets as well as other smaller assets/expenses totaling $30K
3. Entering the garage door as expense in Line 19 on Schedule E (Other) and the carpet/cabinets as assets TT posted 100% deduction for the garage door and 80% for the carpet/cabinets as hoped
My questions are:
1. Based on your answer, do my >$2500 improvements (carpet/cabinets) qualify for the 80% Special Depreciation Allowance? Or,
2. All my >$2500 improvements should be depreciated over years?
3. Does the fact that TT let me take the Special Depreciation Allowance mean that my entry is correct?
Thanks,
