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WE have two rental properties. In one a new refrigerator was…

WE have two rental...

WE have two rental properties. In one a new refrigerator was purchased in Feb and a dishwasher in April. In the other we purchased a new dishwasher in Sept and a Refrigerator in Nov. How do you figure the Deprecation Basis?

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Answered in 7 minutes by:
3/7/2018
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,695
Experience: Taxes, Immigration, Labor Relations
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First of all - you may deduct all these costs in the year assets are placed in service.

You may use the safe harbor to deduct amounts up to $2,500 ($500 prior to 1-1-2016) per invoice or item (as substantiated by invoice).

If you choose to depreciate - we need to use 5-year depreciation schedule for these items.

Depreciation basis is purchase cost adjusted by additional charges fro delivery and installation.

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Lev
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Customer reply replied 1 month ago
do I take the total cost and add them together? EX: Refrigerator (purchased in Nov) 950 + Dishwasher (purchased in Aug) 258 = 1208. Is that my Basis and then use the 5-Year General Depreciation and take 20% of the 1208? or is it 50% of the 1208?
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For depreciation schedule - see IRS publication 946

https://www.irs.gov/pub/irs-pdf/p946.pdf

page 72 - that is 5-year property.

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See on page 22 - Depreciation Worksheet

https://www.irs.gov/pub/irs-pdf/i4562.pdf

You will keep it for your record - and will have accumulated depreciation.

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