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HOW TO AMORTIZE NEW ROOF ON RENTAL DUPLEX CONTINUING FROM 2015?

WHERE DO I ACCOUNT FOR AMORTIZATION OF NEW ROOF ON RENTAL PROPERTY?
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3 Replies

HOW TO AMORTIZE NEW ROOF ON RENTAL DUPLEX CONTINUING FROM 2015?

It is not clear what 2015 has to do with the new roof or the rental. clarificatio may be necessary. 

assuming the roof was put on in 2020 it gets listed as a new asset under the rental property section. only the cost that relates to the rental portion can be depreciated. type residential rental. depreciable life would be 27.5 years.

 

HOW TO AMORTIZE NEW ROOF ON RENTAL DUPLEX CONTINUING FROM 2015?

ROOF WAS PUT ON IN 2015, AND I HAVE BEEN AMORTIZING IT SINCE THEN.  BUT I DO NOT SEE WHERE TO ENTER THE AMORTIZATION AMOUNT FOR THIS YEAR.  

Carl
Level 15

HOW TO AMORTIZE NEW ROOF ON RENTAL DUPLEX CONTINUING FROM 2015?

I think you have your terminology wrong here, which can be misleading.

A new roof is not amortized. It gets capitalized and depreciated.

If you simply enter the asset in the Assets/depreciation section indicating your cost and the "in service" date in 2015, the program will automatically figure the depreciation you (should have) already taken on the new roof up to and including 2019, and then figure your 2020 depreciation on the asset from there.

 

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