How do I categorize new flooring for a rental property? There doesn't seem to be a clear option to select. It isn't land improvements, residential real estate, intangibles, nonresidential real estate, or qualified improvements. The only remaining option is Other (which warns to only select this if well versed in rules of depreciation, which I am not).
You'll need to sign in or create an account to connect with an expert.
You will depreciate new flooring in a rental over 27.5 years since ceramic tile is considered permanent. Just choose residential real estate as the depreciation option and that will calculate the 27.5. It's the same calculation that's used to depreciate the house.
You will depreciate new flooring in a rental over 27.5 years since ceramic tile is considered permanent. Just choose residential real estate as the depreciation option and that will calculate the 27.5. It's the same calculation that's used to depreciate the house.
But then it prompts what's the "Cost of Land". Should I just put $0 there for this new flooring entry?
CORRECT
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
user17785269235
New Member
TylerRoadie
Returning Member
Bilshaw1
Level 1
alira72
Level 2
sun7071
Returning Member