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Updated over 6 years ago on . Most recent reply

User Stats

258
Posts
230
Votes
Ed Matson
  • Investor
  • Stratford, CT
230
Votes |
258
Posts

Bonus Depreciation Applicable to Rental Condos?

Ed Matson
  • Investor
  • Stratford, CT
Posted

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.  ?

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