I purchased a garbage disposal, dishwasher and HVAC unit (A/C) for the rental. Are these correct information to enter for each appliance for depreciation?
Dishwasher
Asset Type: Tools and Machines
Depreciation Method: Double Decline Balance (use Section 179 if I want to deduct everything for the taxyear)
Life: 7
Depreciation Convention: Bought July 12, 2020 (what do I use, 1QT?)
HVAC
Asset Type: Tools and Machines
Depreciation Method: MACRS Straightline
Life: 27.5
Depreciation Convention: Bought 6/10 (not sure what to use here)
I also bought a garbage disposal for $122 for a rental. Do I need to depreciate this item or could I just expense this under 'Supplies'?
Thanks for your forthcoming response.
