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Investors & landlords
Do I need to consider fully depreciated assets (e.g. appliances)? It seems TT doesn't continue to report fully depreciated assets (i.e. their cost and accumulated depreciation) on the assets summary page.
Say I bought a property 10 years ago for 100k and a year later I bought a fridge for $1k. The fridge is depreciated for over 5 years and the property for over 27.5 years. When I sell 10 years later I will only have my rental property listed on the TT assets summary page, and the fridge will not show up. Does it mean I should disregard its cost and its depreciation when reporting the sale to IRS?
‎April 10, 2022
9:00 AM