Hello!
This year will be my first time needing to set up depreciation for a couple different items in a rental property that I cannot expense . So far all I have needed to do was set up depreciation for the rental property itself when I first started renting it. This year I need to set up depreciation for a homevery large HOA assessment and possibly an HVAC system.
The question I have is:
When setting up depreciation for these items, its something that gets done separately from the home depreciation correct? Meaning, the rental property will continue on its depreciation schedule it has been on when I initially set it up, unaltered, and these new items will have their own separate depreciation schedules set up as separate assets?
Thank you!
