I've been trying to research this question and am finding a lot of contradictory info.
Here's the scenario:
* In October I buy a used condo.
* In November I pay for the following:
- replace the existing appliances
- replace the window coverings
- buy rugs (not carpet, rugs) to put down
- repair various "odds and ends"
- replace the kitchen countertop
- replace some of the kitchen cabinet doors
* In December I rent out the condo.
* I've read one POV saying all of this work gets added to the cost basis and is depreciated at 27.5 years.
* Others say that the things that would normally get depreciated on a 5 year schedule, like appliances, would get put on that schedule.
* Or likewise that a kitchen cabinet that would normally be on a 7-year schedule would be depreciated as such.
* And then there's a POV that for anything under $2500 you can take the de minimis even before the unit is put into service. There is a drawn out, multi-year debate on that here: https://www.biggerpockets.com/forums/51/topics/480307-are-all-costs-prior-to-placing-a-tenant-consid...
Well, opinions on this? If you can point to official docs backing up your POV, that is appreciated, but even if not, I'm happy to hear your thoughts.
