I'm a little confused about how the depreciation works on items that don't last 27.5 years, such as flooring, appliances, cabinets, etc.

what about other items like school quality, crime, (un)employment, analysis views on future outlook of area?

Because differences of opinion may arise between appraisers as to the degree of comparability and the amount of the adjustment considered necessary for comparison purposes, an appraiser should document each item of adjustment.

Because if you can then do this...Go to Home Depot, or any other big box reno store.

Don't tell me that I should purchase luxury item's through my business, tell me how!!

Oh, no I wouldn't plan on retiring on 40k - I'm just saying if we spent that, then we would have $0 to live on is all :) I am going to the book store today and find some books on REI.

When you get into itemizing deductions, it's not quite cut and dry like a 1040 short form.That said, yes depreciation is a deduction but only on the building not on the value of the land, this you can find out from the county tax assessor.

You need to work this just like a menu item what is your total cost and then you will know if its a good deal.

So get a good realtor in who will get it listed and sold for you.Also for your supplies go to Home Depot or any other major home renovations store and get a Home Depot card.

r2: Thank you for the book recommendations, I'll pick them up at the store tomorrow.