How long do I depreciate the items below for rental property?
flooring & subflooring
kitchen countertops & cabinets
Best Answer Click here
kitchen countertops and cabinets would be same as furnishings (5years) flooring attached to structure such as hardwood floor would be same as building. (27 1/2)
See pub 527
I did read 527 prior to my original post, I should have mentioned that. However those items are not shown. They list carpet but not flooring. They do mention anything not listed is 7 years. But I thought I had heard something different in regards to flooring in the past.
kitchen countertops and cabinets would be same as furnishings (5years) flooring attached to structure such as hardwood floor would be same as building. (27 1/2)
Thank you so much for your help!!
I am still convinced that kitchen countertops and cabinets are 27.5 years.
People may cite a ruling for an apartment building that was allowed to use 5 years (or 7?), but that circumstance was different than the traditional renting out a house.
I wondered about that but I didn’t find anything in my research.
You mentioned the ruling, what would be the difference between an apartment and a duplex? My client has a duplex.
There are differing opinions on cabinets when they are built-in, but if they serve customers and tenants you will be lucky if they last 5 years. Many years ago most accountants felt that wall to wall carpet was 27 1/2 class life (attached to structure), but now it is considered 5 year property if tacked down not glued, as you are lucky if it last that long.
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.