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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29786
Experience:  Taxes, Immigration, Labor Relations
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are dishes in my rental property tax deductable

Resolved Question:

are dishes in my rental property tax deductable
Submitted: 7 years ago.
Category: Tax
Expert:  Lev replied 7 years ago.

If you paid for dishes and they are rented with your rental property - you will deduct your expenses as rental expenses (to reduce your rental income ) on the schedule E - http://www.irs.gov/pub/irs-pdf/f1040se.pdf

 

Let me know if you need any help with reporting.

 

Customer: replied 7 years ago.
Ok, but where is the list of what is covered under exxpenses versus depreciable items, like bedding, dishes, brooms and mops and so on?
Expert:  Lev replied 7 years ago.

According to IRS publication 946 - http://www.irs.gov/pub/irs-pdf/p946.pdf

You can depreciate most types of tangible property (except land), such as buildings, machinery, vehicles, furniture, and equipment. You also can depreciate certain intangible property, such as patents, copyrights, and computer software.

To be depreciable, the property must meet all the following requirements.

  • It must be property you own.

  • It must be used in your business or income-producing activity.

  • It must have a determinable useful life.

  • It must be expected to last more than one year.

So - generally if the useful life of the property is one year or less - its cost should be expensed, if however the useful life of the property is more than a year - it should be depreciated.

Even if the property should be depreciated - in most situation you still may deduct the full cost in the year it is placed in service by using section 179 deduction.

 

Let me know if you need any help.

 

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