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).
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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
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