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Updated over 10 years ago, 04/13/2014

User Stats

40
Posts
1
Votes
Harry Campbell
  • Los Angeles, CA
1
Votes |
40
Posts

Almost done with my Rental Prop Taxes

Harry Campbell
  • Los Angeles, CA
Posted

Thanks to this forum I found NOLO's Landlord deduction guide and it has been a god send. It's answered pretty much every question I had and the examples are super helpful too. Great recommendation.

Anyways, I'm just finishing up my taxes and I have a few questions. I converted my primary residence to rental prop in 7/2013(rented on 8/1/13) and I want to use segmented depreciation to accelerate the depreciation of my personal property.

1. First, on a 280k condo does it seem reasonable to take 5k in personal property deductions(washer/dryer, appliances, carpet, etc) for segmentation?

2. I'm also a little confused still about the depreciation method. In the book, it talked about 150% method, 200% method, etc. When can these be used and this is separate from bonus depreciation right? For ex, I know that I have to depreciate my bldg value on a 27.5 year schedule, no way to accelerate that. But what about for personal prop that I claim as segmented depreciation. Obviously I want to frontload these deductions as much as possible right so I should use 200% method? Or do I have to use straight line depreciation on segmented stuff?

3. Similar to 2, I had to replace the A/C last year(October) and that cost me 3k. I believe I can take 50% bonus depreciation but then is my only option to do straight line depreciation(mid quarter convention right?) over 5 years? Or can I do something accelerated here?

I'm still learning all the depreciation terminology so feel free to correct any of it. The depreciation method is straight line, 150%, etc right? The convention is mid quarter, half year, etc?

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