I am a 50% owner in rental property. This year we replaced the carpeting. The other owner (no longer my spouse) already filed their tax return and elected to depreciate over 7 years. Per TurboTax and the IRS publications, carpeting can be depreciated over 5 years or elected under Section 179. Can I use the correct 5 years or elect Section 179 if the other 50% owner did not?
Yes, you can depreciate over five years or take the Section 179 deduction.
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