685345
The rental home is fully depreciated. Since it is a large renovation, I understand the IRS expects me to bundle all improvements to depreciate them...correct? If bundled, do I do one line that says renovation or do I break out each line item and depreciate them, eg. new interior doors, interior paint throughout, new window, new blinds, new closet rods, new roof, new kitchen cabinets, etc.
Thanks in advance.
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Improvements to the property because they are for betterments and/or restorations to the property. Are in the same class of property as the residential rental property to which they are attached.and depreciated over a recovery period of 27.5 years.
All expenses are entered as one asset cost and entered as of the date placed in service.[ready to rent]
Appliances are are a 5 year property.
Improvements to the property because they are for betterments and/or restorations to the property. Are in the same class of property as the residential rental property to which they are attached.and depreciated over a recovery period of 27.5 years.
All expenses are entered as one asset cost and entered as of the date placed in service.[ready to rent]
Appliances are are a 5 year property.
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