depreciation

Forum|Forum|4 years ago
May 12, 2022
2 replies
10 views

Tax for several rental properties. Can you get the bonus depreciation and what code do you use.

What items does it include. H/A plumbing electrical or others. Can this be repairs or new.

ProSeries Professional

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dkh

Level 15

1) Can you get the bonus depreciation and what code do you use. depends on the asset

2)What items does it include. H/A plumbing electrical or others. Are you referring to what can be included in bonus depreciation ? Doesn't any of your reference manuals have this information?

3)Can this be repairs or new. repairs to what? Can what be new?

C

crichardson552Author

Level 2

I have gone to IRS web site and have 2 different versions. The property is new, it says items can take the bonus depreciation if a business.

T

TaxGuyBill

Level 15

Generally, plumbing and electrical are considered as part of the building itself, so they would not qualify for Bonus depreciation.

But if the taxpayer qualifies for use the De Minimus election, they could possible deduct those items with the election.

T

Terry53029

Intuit Community Champion

Your answers are found in pub 527. Link: https://www.irs.gov/pub/irs-pdf/p527.pdf

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