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I have FLOORING on my depreciation schedule for rental property. I've replaced the carpet and could count it as a "less than $2500" item. Do I delete the old carpet?
The old carpet has 2 years left on depreciation schedule. If I delete, what happens? If I don't need the deduction this year, should I just depreciate the new carpet? What do I do with the old carpet as far as depreciation schedule is concerned?
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March 21, 2021
12:28 PM