I purchased a Rental Property that I have done some major remodeling/improvements. Can I Segregate each capital asset by its recovery period individually or does everything have to be added as a new asset using the same recovery period as the building structure (27.5 years).
For example, can I segregate the improvements by its specic useful life per IRS tables:
Item | Life |
Light Fixtures | 5 |
Carpet & Flooring | 5 |
Furniture | 5 |
Appliances | 5 |
Cabinets | 5 |
Land Improvements | 15 |
Countertops | 27.5 |
Windows | 27.5 |
Doors | 27.5 |
HVAC | 27.5 |
Water Heaters | 27.5 |
Remodels | 27.5 |
Improvements | 27.5 |
Residential Building | 27.5 |
Commercial Building | 27.5 |
Land | 0 |
Closing Costs | 27.5 |
Thank you1