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Deductions & credits
Whether or not the state in which the furniture (used in a rental property) imposes a tangible personal property tax is irrelevant for the purposes of deciding whether to expense the furniture (if allowed) or depreciate the furniture over its useful life.
The local (or state) taxing authority will impose the tangible personal property tax on the furniture regardless of which method is used for federal income tax purposes.
‎October 17, 2021
7:50 AM