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Updated almost 8 years ago,
More questions about depreciation
Thanks to everyone who responded before, this forum is so great. I'm a first time landlord, I rent out half of my house. I'm trying to find out my depreciation number and more questions have come up. I understand I can deduct the expenses of buying the house initially like loan origination fees/appraisal etc. I initially bought the house 6 years ago with my brother who was on the loan with me. 1.5 years after I bought it I refinanced it in my name only and he moved out. I am guessing I could include the costs associated with the refinance but not the original loan fees since they are kind of the same thing?
How are outdoor improvements considered for deductions when you share a house with renters? I'm assuming it's split 50/50?
Also I'm wondering how I depreciate improvements I made to the property after the tenants moved in, and improvements I make into the future. Do they each get their own 27.5 year depreciation period?
Some examples are after my tenants moved in, (all my own labor) I added a hand rail to a fence/railing I have going along stairs about $ 225 worth of materials. I added a lot of stucco to the outdoor walls $200, cabinet lighting in their kitchen $300, fence,pergola for deck that blocks neighbors view, $200. Would these each have their own 27.5 year depreciation starting from the date they were installed?