@Carl wrote:
So if you have residential rental real estate in Florida, and you break things down so that you are depreciating your appliances separately, as far as the county is concerned those appliances you separated out are tangible personal property.Therefore, any "savings" you may "think" you realize by depreciating the appliances separately, is basically lost *every* *single* *year* in the form of personal property tax paid to the local county.
Depreciation for federal income tax purposes and personal property tax on tangible personal property imposed at the county level are two completely forms of taxation.
If appliances must be included as tangible personal property used in residential rental real estate (as is typically the case in most counties in Florida), then it makes no difference whether or not those appliances have been depreciated separately for federal income tax purposes. In other words, even if the appliances are expensed for federal income tax purposes, they must still be included on Form DR-405 (if the form is required to be filed or is otherwise filed for the sole purpose of the exemption).
