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- Can I take special depreciation of setting up a rental unit that was previously used as a personal residence?
Can I take special depreciation of setting up a rental unit that was previously used as a personal residence?
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mattgutz
Level 3
07-07-2022
07:00 AM
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Here are the specifics. The client bought a rental unit in 2014 and it was used as a rental until January of 2021. At that time, she moved into the property and began to set it up to use as a short term rental (Airbnb). She began adding furniture and supplies (alarms, tv stands, beds, etc.). She moved out on December 3, 2021 and made it available to rent on December 10, 2021. Can I take the full special depreciation allowance on these assets? Thanks so much!
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Terry53029
Level 14
07-07-2022
11:10 AM
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I don't think she will be able to take the bonus depreciation, because she bought them when she was not using as business assets. To be qualified for bonus depreciation, a used asset must not have been previously used by the taxpayer or a predecessor at any time before the acquisition
