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Level 2
posted Aug 27, 2023 4:23:17 PM

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?

0 3 579
3 Replies
Level 15
Aug 28, 2023 5:13:00 AM

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

Level 2
Aug 28, 2023 3:44:52 PM

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?

Level 15
Aug 29, 2023 4:39:03 AM

Yepper