Depreciation
What is the proper form to use for depreciation of new windows and new furniture? I imagine it is a different time frame for these purchases. Does the 50% rule apply to both?
|
Depreciation
Originally Posted by AnythingsPossible: I would treat new furniture as personal property - depreciate over 7 years, is eligible for the 50% bonus rule. |
Why would something that won't technically last 39 years be depreciated over that amount of time? Seems like a long time to me. Based off of that, I will only be deducting approximately 30 dollars a year based on time/space and the number of years for an improvement that cost nearly 6,000. My math may not be quite right, but it still seems quite low.
|
My new furnace which cost over $5000 last year gave me an $8 depreciation deduction for this year. Yep. $8.
|
home improvements
Originally Posted by AnythingsPossible: |
All times are GMT -7. The time now is 11:04 AM. |