I have a second home that I converted to a short term rental in 2024. For furniture, mattresses, and other contents such as appliances purchased in 2023, can I depreciate based on their FMV at the time it is placed into service.
Example: A sofa is purchased for$2000 for a house in July 2023. In January 2024 the property is converted to full time rental use and the sofa is provided as one of the furnishings. I determine the FMV of the sofa in January 2024 (date placed in service) is $1500. On my 2024 Schedule E for this propery, can I do a 5-7 year depreciation of the sofa’s $1500 FMV or choose to take a Section 179 deduction.