I had the roof and gutters on one of my single family residential (SFR) rental properties completely replaced due to hail damage. The entire cost to replace both was $17,830. Insurance paid for $15,430 and I paid the $2,400 deductible out of pocket. I understand a new roof qualifies as a separate asset and I will need to depreciate it over 27.5 years. My question is what amount do I depreciate ($17,830 or $2,400)? Thanks.
You would use the $2,400 since that is your out of pocket cost to replace the roof.
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