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posted Jun 10, 2020 2:41:48 PM

How do I categorize a washing machine for depreciation?

Turbotax does not have appliances as a depreciation category.

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1 Best answer
Level 15
Jun 10, 2020 2:48:03 PM

@gringo252 wrote:
Turbotax does not have appliances as a depreciation category.

Actually, TurboTax does have appliances as a depreciation category (see screenshot below). 

 

However, you are probably better off using bonus depreciation which will allow you to expense the asset.

 

2 Replies
Level 15
Jun 10, 2020 2:48:03 PM

@gringo252 wrote:
Turbotax does not have appliances as a depreciation category.

Actually, TurboTax does have appliances as a depreciation category (see screenshot below). 

 

However, you are probably better off using bonus depreciation which will allow you to expense the asset.

 

Level 15
Jun 11, 2020 8:51:41 AM

Depreciating a washing machine over 5 years will not make one bit of difference to your tax liability. Since it costs less than $2,500 and is not a permanent physical part of the structure, you can just expense it under safe harbor and be done with it forever.