topic Rental property, new heat pump. What is "TYPE OF ASSET" for this new equipment? Is it "J - Qualified Rental Improvements"? in Investors & landlords

Rental property, new heat pump. What is "TYPE OF ASSET" for this new equipment? Is it "J - Qualified Rental Improvements"?

kathylisbeth — Sat, 01 Jun 2019 14:27:05 GMT

I'm looking at Sched E Asset Entry Worksheet #4

AnnetteB — Sat, 01 Jun 2019 14:27:07 GMT

No, a heat pump is considered a component of the property itself.

As such, it is depreciated over 27.5 years for a residential rental property. This means it will be categorized as I – Residential Rental.

For your reference, take a look at IRS Publication 527. There is a handy table on page 9 of the document.

brosier — Fri, 31 Mar 2023 19:04:07 GMT

Turbo Tax is only "happy" if I use 39 years. MACRS, NR, SL, MM ON ASSET SHEET

brosier — Fri, 31 Mar 2023 21:30:31 GMT

Thanks, and yes I found that you don't use HVAC in "Type of Asset" but Residential Rental instead. Who would have guesssed?