Can I depreciate assets which came with the property I purchased?

[Jacob Wiltshire]

I just purchased some real estate for $390K. Within that real estate I have a number of assets. Can they be depreciated?

Example:

January 2021 fridge

January 2020 AC Unit

2016 washer and dryer

Furnace, etc.

If I can depreciate them do I try and find the value of when they were purchased or assign them reasonable value?

Thanks

[Michael Plaks]

@Jacob Wiltshire

Yes you can, but details matter. For example, furnace and AC unit (assuming it's central AC) cannot be depreciated faster. The fridge and w/d can be fully deducted in the 1st year, using bonus depreciation or Section 179. If the AC unit is a window unit - then the unit, too. 

You will need to figure out their current value though. For the 2021 fridge it's close to its purchase price, but for the 2016 W/D it's close to zero. 

Cost segregation can find more deductible items in your property, but full cost seg study on a $390k house is probably not worth it. There're some DIY websites for cost seg that can do the trick for about $500.