Depreciation Question

AnythingsPossible · #1 02-16-2014, 08:54 AM

We did numerous home improvements this year in regards to new vanities, new faucets, countertops, etc. Some were under $100, nothing was over $200. Do I have to total and depreciate these, or can I claim T/S? I appreciate any input!

TomCopeland · #2 02-16-2014, 11:12 AM

Quote:

Originally Posted by AnythingsPossible

We did numerous home improvements this year in regards to new vanities, new faucets, countertops, etc. Some were under $100, nothing was over $200. Do I have to total and depreciate these, or can I claim T/S? I appreciate any input!

It depends. If you were remodeling a room, then all the costs associated with that room would have to be depreciated, regardless of how small the cost. If you simply replaced a faucet or added a new vanity, you can deduct any item that cost less than $200 in one year (after applying your time-space %).

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