WImom 05:18 PM 03-31-2013
Is a wood floor we purchased/installed part of the 50% bonus rule for 2012? I wasn't sure if it was all flooring or just certain kinds. It would be T/S not 100% used for daycare if that matters any. Thank you for your help!
TomCopeland 07:16 AM 04-01-2013
Originally Posted by WImom:
Is a wood floor we purchased/installed part of the 50% bonus rule for 2012? I wasn't sure if it was all flooring or just certain kinds. It would be T/S not 100% used for daycare if that matters any. Thank you for your help!
Unfortunately, a wood floor doesn't qualify for the 50% bonus rule because it's considered a home improvement that must be depreciated over 39 years.
WImom 07:35 AM 04-01-2013
But our laminate floor is okay? You had said it was in another post so I want to double check before we see our tax person today. Thanks for all your help.
TomCopeland 11:31 AM 04-01-2013
Originally Posted by WImom:
But our laminate floor is okay? You had said it was in another post so I want to double check before we see our tax person today. Thanks for all your help.
Yes, a laminate floor could be depreciated over 7 years and thus would be eligible for the 50% bonus rule.
WImom 12:47 PM 04-01-2013
thanks!
AmyKidsCo 12:50 PM 04-01-2013
Why does a wood floor depreciate over 39 years and a laminate over 7? Is it the life expectancy of each type of flooring?