Depreciation, some questions

[Rik Hunter]

The backstory is that I bought a duplex in 2014, and I've taken depreciation on something at some point in some way in TurboTax, lol. This year I did lots of rehab, mostly interior, and I've been trying to be much better at bookkeeping.

Since April, I've rehabbed both unit, included new appliances, and I just finished "The Book on Tax Strategies." I knew the chapter on depreciation would be important, but I'm still a little confused, and I'm pretty sure I'll need to find a REI-friendly tax specialist this year.

But basically, while taking depreciation on the building, how do you also take depreciation on items like appliances and flooring? 

[Basit Siddiqi]

@Rik Hunter

There are like going to be what-if scenarios when going through your example.

Is the duplex both for tenants or are you house-hacking one of the units?
Regarding depreciation - it will depend on if the units were "in service" at the time of the rehab.

There is regular depreciation, bonus depreciation and potential immediate write off with some safe harbor.

If you did the tax returns yourself, you may want your future accountant to review your prior year tax returns.