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Should major appliances purchased prior to conversion to rental be recorded in the I-Residential Rental cost (27.5 yrs) or as F asset (5 years)? Mixed advice on forum.
I'm going off of IRS Pub 527 that says you must increase basis by cost of improvements made before placing property into service and several outside posts I've read that stated Appliances installed before converting to rental are generally depreciated with the whole building (i.e.: 27.5 years) and only those purchased after conversion can use the 5 year depreciation. However, Turbo seems to be more geared towards me adding separately as an asset, allowing me to enter the earlier personal purchase date and later date of service.
Also, Is there a form where I can I see my calculated adjusted cost basis at conversion? If I do add separately as asset, will it get added into my basis?
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May 31, 2019
5:53 PM