Florida Rental Property Roof Replacement Deduction

[Port8383]

Hi Everyone,

I understand the depreciating rule of 27.5 years for claiming the roof replacement expense on your income taxes.

Most Florida home insurance companies require replacement of a roof much sooner than every 27.5 years.

Can I continue to depreciate the expense even though I had to replace the in 15 years per insurance requirement?

I would then be depreciating 2 roofs on the same property. Is this considered double dipping?

Is it possible to depreciate a roof replacement over 15 years instead of 27.5?

[Hal_Al]

Q. Can I continue to depreciate the expense even though I had to replace the in 15 years per insurance requirement?

A. No. Instead, you get to "write off" the remaing depreciation.

In TurboTax (TT), you indicate that the asset (old roof) was disposed of. You indicate that the "sale price" was $0. TT will write off the remaining depreciation as a long term capital loss. 

Q. Is it possible to depreciate a roof replacement over 15 years instead of 27.5?

A. No. 

[Carl]

Assuming the old 15-year old roof was already entered as a physically separate asset all it's own, @Hal_Al 's response applies as written. Otherwise, if it's already included as "a part of" the main structure asset cost basis, it gets a bit more involved.