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February 16, 2023
Question

New range $2,850 - have to depreciate it?

  • February 16, 2023
  • 1 reply
  • 0 views

We have apt. house and in our unit, had to purchase new range. It's over $2500 but I read online you can still expense if you choose. I have lot of expenses this year so don't mind depreciating it.

My questions are:

1- Do I have to depreciate it?

2- If I do the asset entry drop down is asking me to choose "type" and I don't see appliances listed.

Further down on the form its asking if its qualified economic stimulus property and there are many boxes to check or not check or to elect out of that.

What to do? I imagine I should get at least 10 years out of this range.

Thanks for any help/guidance.

 

1 reply

February 16, 2023

You'll depreciate it as residential real estate property, just like your rental house, over 27.5 years.

 

At the price I would just expense it as repairs.

 

@Raeka 

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RaekaAuthor
February 17, 2023

That's what I'll do - expense it. Thank you!