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Updated about 6 years ago,
Bonus Depreciation Applicable to Rental Condos?
I have been told that Bonus Depreciation is only applicable to "non-residential" rental properties by a CPA. I have heard otherwise on a podcast and am now a bit confused. My situation is as follows:
Rental Condo 1: Purchased 2017. Rehabbed 2017/2018. Put into service 2018. Full gut rehab.
Rental Condo 2: Identical unit to #1, but required no work. Purchased and put into service 2018.
Can I take bonus depreciation on both properties? The webcast I heard said I could as bonus depreciation applied to both "new properties" and "new to me" properties.
Lastly, in the case of Condo 2 - How do i set a basis for the used appliances, fixtures, carpet, etc. ?