Thank you! I read the link. The survey on the website however doesn't seem, relevant, right?
My understanding:
1. If I bought the system in the year 2014 for say $20k and got $5k back from the Fed and $1k from State, then I cannot initiate depreciation with $20k as starting point but I should use $14k as a starting point (20-5-1). Right?
2. If the value of the system in the year 2022 was professionally computed to be say $25k (inflation etc), still I should stick with $14k as the starting point, right?
3. Even if the system was greater than 7 years old, since it was used for residential purposes, when I turn the home into a rental business, I can initiate depreciation and depreciate for 5 years. Right?
4. The depreciation method I should use is called MACRS, right?
Please include the same numbering your response so I (and the future readers) can use the info best.
Thanks!
