If I did a total electrical rewiring, including new fuse panel and some light fixtures, on my rental property, I understand that's an improvement that I must depreciate. But is the asset category for depreciation "Residential real estate"? Not "Appliances, carpet or furniture"? There's such a difference in depreciation time between the two.
Why is TurboTax not more helpful in determining this even through its GuideMe feature in the higher-cost version of TurboTax addressing rental properties?
You'll need to sign in or create an account to connect with an expert.
Because the electrical wiring and panel are components of the rental property itself, the proper depreciation category to use is Residential Real Estate.
I agree that there needs to be additional information provided within TurboTax to help users determine the correct category to use. Until that time comes, there is a useful table in the IRS Publication 527 Rental Real Estate that you can use for reference. It is located on page 9 of the document, Table 2-1.
Because the electrical wiring and panel are components of the rental property itself, the proper depreciation category to use is Residential Real Estate.
I agree that there needs to be additional information provided within TurboTax to help users determine the correct category to use. Until that time comes, there is a useful table in the IRS Publication 527 Rental Real Estate that you can use for reference. It is located on page 9 of the document, Table 2-1.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
sunshine39
Level 3
jbowers53
Level 2
Anakasik
Returning Member
wintm
New Member
tsu2001
New Member