question 1: I did repairs on a rental property and put in a new dishwasher in between tenants. I bought it 2/15/2022. The property was available to be rented 02/01/22. When depreciating it, turbo tax asks "enter the date you first started using it for business". Would this refer to the date the house was first available to rent, which was 10years ago (1/2010) or does it refer to the date I recently put it on the market to rent, which was 2/1/22?
Question 2: Since this item is less than $2,500, can I expense it under Safe Harbor?
You'll need to sign in or create an account to connect with an expert.
Since the item is less than $2,500 you can expense it under safe harbor.
It wants the date to start depreciation. So you should enter the date that you want it to begin depreciating. You don't say how long the break was between tenants but if it was ten years then don't enter that as the start date.
The last tenant moved out 11/5/21.
So for the entry "enter the date you first started using it for business", should i put 11/5/21 then which is when last tenant moved out?
If you are entering information about the dishwasher, then the date it was placed in service is the date it was installed in the property. If you decide to expense the dishwasher, then you would not also enter it as an Asset.
If you are entering information about the house itself, you would enter the date from ten years ago as long as it has either been rented or advertised as available to rent continuously from that date.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
mpruitt71
New Member
CarolK
Level 1
jakebmuller14
New Member
meowmeow666
New Member
Farmgirl123
Level 4