I have had a rental property for 5 years and have been depreciating the assets (appliances). However there is a change this year that new assets can be treated as expenses, which is great. However, do I still get to take the remaining depreciation from the old assets?
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YOu don't change any of your existing assets. LIke you said, the change is for "new" assets. So from this point forward, if you purchased any new assets in 2015 that are under $2500 ($500 if in CA) then you have the option to either depreciate, or expense them.
What I've decided for my rentals, is that if the asset does "in fact" become "a material part of" the property (such as a new central A/C blower unit which cost just under $2500) then I'll deprecate it. But if it's not "a material part of" the rental, (new range for example) then I'll expense it.
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