My wife and I run and real estate partnership LLC and file a 1065. We have been depreciating the structure and goods for 2 years now and already have taken some depreciation. This year we purchased a hot tub for the business purpose of increasing rentals, the amount of the hot tub was approximately $13k
2 questions:
1) Does the IRS have any guidance for the lifetime or depreciation table for a new hot tub? Is it 27.5 years straight line?
2) Where does the $13k hot tub investment show up in Schedule L. Is it 10a Depletable Assets and we just bump the year "Beginning of tax year (b)" number up by $13k for "End of Year (c)"? Then do we subtract year one depreciation of hot tub in 9b End of Tax Year "less accumulated depreciation"?
Thanks for your help,
Joe
