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Old 02-08-2013, 11:12 AM
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suehelen suehelen is offline
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Default Depreciation Question for Tom

We built new decks, front and back this fall. I need to depreciate these 39 years, right? The same thing for our new furnace.

However, when I enter the asset It says.. Describe this asset-

Would the furnace be Tools and Equipment? Or "Other"?

The asset class would be.. 3, 5, 7, 10, 15, 20, 25 year? Or 27.5 Residential Rental. 31.5 or 39 year Non residential real estate?

I know you said it has to be depreciated over 39 years? But it's not non-residential real estate. So I'm confused.

Have I explained this clearly enough? LOL
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Old 02-08-2013, 01:17 PM
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Some helpful posts: http://daycare.com/forum/showthread.php?t=59385
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Old 02-08-2013, 01:32 PM
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Thanks, Michael, but that doesn't really apply to this particular situation.
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Old 02-08-2013, 01:41 PM
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That kind of question would be good to ask at Tom's webinar next week. He just wrote an article about the New IRS Rule on House Expenses that he will be covering. http://www.tomcopelandblog.com/2013/...-expenses.html
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Old 02-08-2013, 04:12 PM
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Default Depreciation

Quote:
Originally Posted by suehelen View Post
We built new decks, front and back this fall. I need to depreciate these 39 years, right? The same thing for our new furnace.

However, when I enter the asset It says.. Describe this asset-

Would the furnace be Tools and Equipment? Or "Other"?

The asset class would be.. 3, 5, 7, 10, 15, 20, 25 year? Or 27.5 Residential Rental. 31.5 or 39 year Non residential real estate?

I know you said it has to be depreciated over 39 years? But it's not non-residential real estate. So I'm confused.

Have I explained this clearly enough? LOL
You must depreciate a deck or furnace over 39 years. It is considered non-residential real estate in that the business portion is business, not personal and it's connected to real estate. It may not make perfect sense, but that's the rule - 39 years. List the furnace as other.


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Old 02-09-2013, 03:34 AM
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suehelen suehelen is offline
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THANK YOU!! That's where I was confused!
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