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We had carpets replaced and bathrooms updated in our rental. TurboTax says asset class F rental furnishings and depreciates over 5 years. Is this correct?

Forum|Forum|7 years ago
June 5, 2019
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The contractor was paid with one invoice that was not itemized so splitting carpet and bathrooms would be difficult to determine. When answering the questions in the system, I chose Rental Real Estate Property and Appliances, carpet, furniture because I thought those seemed the most appropriate.

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Best answer by KrisD15

That is correct. If you are entering them as 2 assets, do the best you can to allocate the charges between the bathroom and the carpets. Ask the contractor to split the invoice if he can, or at least give you 2 separate figures.

This year certain items can take advantage of Bonus Depreciation and/or the 179 deduction allowing you to take more than one year's worth of depreciation. The program will ask if you want to use this when you enter the asset.

KrisD15Answer

That is correct. If you are entering them as 2 assets, do the best you can to allocate the charges between the bathroom and the carpets. Ask the contractor to split the invoice if he can, or at least give you 2 separate figures.

This year certain items can take advantage of Bonus Depreciation and/or the 179 deduction allowing you to take more than one year's worth of depreciation. The program will ask if you want to use this when you enter the asset.

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bryan-j-schmidtAuthor

I will have a passive loss for the rental this year that will carryover next year. Does it make sense to take the special depreciation or 179 deduction? Or best to spread it out over 5 years?