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Investors & landlords
There is not a particular dollar amount where it becomes more necessary to claim depreciation on an item. Instead, you need to consider the useful life of the item in question.
Things such as a knife block and Keurig machine may have a useful life of under a year. If that is the case, include the cost of these items as an expense instead of a depreciable asset. You can enter the cost as a 'supply' expense.
Here is how TurboTax defines a rental supply expense:
Supply expenses are items you used for your rental property that cost $200 or less or last less than a year.
Also, take a look at the following TurboTax help article to learn more:
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March 23, 2024
7:39 AM