taxes? - Posted by Laure

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.

Jk Lasser’s “Your Tax Guide 2000”.
Published annually, sells for< $20.00,with forms.

Good Luck; Rolfe

taxes? - Posted by Laure

Posted by Laure on March 21, 2000 at 21:07:57:

Ok, Is it true? When putting a new property on your books, you can separate out the water heater, carpet and other items out of the “house” and take the faster depreciation allowed on those items? Now, I’m not talking about I bought the house and added carpet and water heater. I’m saying just take the faster depreciation on those items.

Laure :slight_smile: