I've explored the IRS Site and Pub 946 but have not found how to depreciate improvements made to my res. rental property. While improvements are generally depreciated over 27.5 years, what does it apply to? I mean, I can see an addition carrying 27.5 years, but what about improvements made within the existing structure?
For example, I've completely renovated the kitchen: new cabinets (which, if considered furniture, would carry a 5-year recovery period); new appliances (7 years); new flooring (7 years), etc. Would the entire kitchen be a category (and would it fit the 27.5 years "improvement" life?), or do I need to have a depreciation schedule for each individual improvement within the kitchen? And I haven't even mentioned all the "other" stuff that goes into renovating a kitchen such as permits, design, demolition, painting, etc.
For that matter, I also finished the basement: new drywall, carpeting, bathroom, new staircase, etc. Should this be broken into components, too?