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Rental property depreciation- "enter the date you first started using it for business"

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?

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3 Replies
RobertB4444
Employee Tax Expert

Rental property depreciation- "enter the date you first started using it for business"

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.

 

@optca50 

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Rental property depreciation- "enter the date you first started using it for business"

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?

AnnetteB6
Employee Tax Expert

Rental property depreciation- "enter the date you first started using it for business"

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.  

 

@optca50 

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