Does a new roof on a rental property qualify for special depreciation?

Forum|Forum|4 years ago
August 17, 2021
2 replies
11 views

If not can I then use Section 179? I prefer the use special depreciation at 100%

ProSeries Professional

This topic has been closed for replies.

dkh

Level 15

Read thru IRS Pub 527 Residential Rental Property https://www.irs.gov/publications/p527

IRonMaN

Level 15

I thought we were supposed to provide only yes or no answers. Now we are assigning homework to folks visiting here? This is like being in school again but there isn’t anybody sitting next to you, so a person can’t even cheat and look over someone’s shoulder for the answer. 😬

Slava Ukraini!

dkh

Level 15

Nothing like a good read on a sunny summer afternoon.

T

Terry53029

Intuit Community Champion

IRS Reg. § 1.263(a)-3h allows a small TP to expense a capital improvement if:

$1 Million limit on unadjusted basis – note that unadjusted excludes land, land improvements, and personal property identified through a cost segregation study
Annual expenses for repairs, maintenance, and improvements, cannot exceed the lesser of $10,000 or 2% of the building’s unadjusted basis
Annual gross income for the landlord must be less than $10MM for the three preceding tax years.

Sign up

Login with SSO

Let's get you signed in

Login with SSO