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What category is my finished basement for a rental property in depreciation process?
I have the basement of my rental property finished last year. Including carpet, adding bathroom, framing, etc...I am working on depreciation. Only 3 options for the question categorize this asset? 1.Rental Real Estate 2. Appliances, carpet, furniture 3.Land improments . Which one is right?
Also where can I enter depreciation that already occured in 2015?
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June 6, 2019
4:03 AM
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Investors & landlords
It's classified as Residential Rental Real Estate and will be depreciated over 27.5 years.
June 6, 2019
4:03 AM