July 30, 2009
Bought items for my rental house, what is the depreciation time frame for these?
lawrence_chiu_tx3 asked:
3.I purchased the following items for my rental house. It is my understand that the cost of these items can not be deducted from my rental income and must be depreciated. What is the “asset class” for each one? See list of items along with possible choices below.
a.Washer
b.Dryer
c.Refrigerator
d.Window blinds
e.Sprinkler system and landscaping
f.Backyard patio
g.Garage door opener
h.Ceiling fans
3.I purchased the following items for my rental house. It is my understand that the cost of these items can not be deducted from my rental income and must be depreciated. What is the “asset class” for each one? See list of items along with possible choices below.
a.Washer
b.Dryer
c.Refrigerator
d.Window blinds
e.Sprinkler system and landscaping
f.Backyard patio
g.Garage door opener
h.Ceiling fans
=== (List of possible choices from Turbo Tax 2006)
Possible asset classes:
3 year
5 year
7 year
10 year
15 year
20 year
25 year
27.5 (Residential Rental)
31.5 or 39 (Nonresidential Real Estate)
Alfred
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Comments on Bought items for my rental house, what is the depreciation time frame for these?
Leroy
the rate used to depreciate
the washer, dryer, refrigerator, blinds, fans, and door opener is 20% per year, based on the life expectancy of the fixture, which in the case of a rental unit could be 7 years.
the patio, sprinkler system and landscaping use 4% and usually use 10 years. The building itself is 4% and would be 27.5 (residential rental)