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What is the difference between Any Property Improvements Made vs Asset Summary?

Hello folks,

 

What is the difference between "Any Property Improvements Made" line item to a property vs Asset Summary?

 

If I answer the "any property improvements made" with 150K. It will depreciated it by Y.

 

However I am not able to accelerate some of the depreciation like appliances, flooring, HVAC, etc. Should I not include these items (flooring, appliances, HVAC) and manually input it in the "Asset Summary: so I can get some special depreciation?

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3 Replies

What is the difference between Any Property Improvements Made vs Asset Summary?

Improvements ( like the ones you listed ) are depreciated over 27.5 years and are not eligible for accelerated depreciation.  

What is the difference between Any Property Improvements Made vs Asset Summary?

Ok - so it's essentially the same thing. You can either add renovation cost under improvement line item when you add a rental property or the asset summary.

 

Correct?

What is the difference between Any Property Improvements Made vs Asset Summary?

Yepper

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