Can co-owners of rental property select different depreciation methods for new items placed in service?

pconno01 — Mon, 03 Jun 2019 20:14:10 GMT

I am a 50% owner in rental property. This year we replaced the carpeting. The other owner (no longer my spouse) already filed their tax return and elected to depreciate over 7 years. Per TurboTax and the IRS publications, carpeting can be depreciated over 5 years or elected under Section 179. Can I use the correct 5 years or elect Section 179 if the other 50% owner did not?

Yes, you can depreciate over five years or take the Secti...

DDollar — Mon, 03 Jun 2019 20:14:13 GMT

Yes, you can depreciate over five years or take the Section 179 deduction.

topic Can co-owners of rental property select different depreciation methods for new items placed in service? in Investors & landlords

Can co-owners of rental property select different depreciation methods for new items placed in service?

Yes, you can depreciate over five years or take the Secti...