topic Hi, I have a rental/vacation home. I put in a plastic shed free standing. What category do I put that in for expenses? Is that a depreciation item? in Investors & landlords

Hi, I have a rental/vacation home. I put in a plastic shed free standing. What category do I put that in for expenses? Is that a depreciation item?

shashpo — Tue, 17 Dec 2019 14:06:06 GMT

Re: Hi, I have a rental/vacation home. I put in a plastic shed free standing. What category do I ...

Vanessa A — Tue, 17 Dec 2019 22:50:11 GMT

Generally, the plastic free standing sheds are not all that expensive. If the shed costs less than $2,500 you can just expense it.

(Edited 12/17/19 @ 5:49 PM EST)

Re: Hi, I have a rental/vacation home. I put in a plastic shed free standing. What category do I ...

Carl — Tue, 17 Dec 2019 22:20:36 GMT

@Vanessa A 's comment is confusing. You can't "expense" an asset. Either it's an asset you depreciate, or you expense the item. If it cost less than $2,500 you can either expense it *or* classify it as rental property and depreciate it over 27.5 years. If it cost more than $2,500 then you *MUST* classify it as a rental property asset and depreciate it over 27.5 years.

Re: Hi, I have a rental/vacation home. I put in a plastic shed free standing. What category do I ...

Critter — Tue, 17 Dec 2019 22:25:16 GMT

A plastic free standing shed (probably smaller than a one car garage) would be a 15 year property not 27.5 year. If it is small (like a 10x10 ) then I would put it at 7 year in that case.