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mopayes
New Member

If we renovated our rental (flooring, countertops, cabinets, ACs, painting, lightings), why is my depreciation only for 5 years and only for the partial amount?

 
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JulieR
New Member

If we renovated our rental (flooring, countertops, cabinets, ACs, painting, lightings), why is my depreciation only for 5 years and only for the partial amount?

The expenses of this renovation can most likely be expensed under the Special Depreciation Allowance provision.  Go back and revisit your entries for these new assets (you can combine the expenses and enter them as "Renovation Expense" or similar name), in particular, the screen for "Special Depreciation Allowance" and make sure you check "Yes" under "Do you want to take this deduction?" (see sample screenshot below).  This should allow the full deduction.

Please comment if this resolves your issue or if you need additional guidance.

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