Posted by Rolfe K Mpls/StP on March 22, 2000 at 03:07:25:
In a policy change (IRS Announcement 99-82) the IRS has decreased the cost recovery period for depreciating furniture, appliances, and carpeting used in residential rental property from 7 years to 5 years. This is good! You may use the five year period for property placed in service before 1999.
Furniture, carpeting, and appliances such as stoves and refigerators are considered 5 year property.
A seven year cost recovery applies to office furniture, such as the equipment, desks, and files you use to run your business.
A GREAT RESOURCE:
Jk Lasser’s “Your Tax Guide 2000”.
Published annually, sells for< $20.00,with forms.
Good Luck; Rolfe