bonus depreciation

Forum|Forum|3 years ago
March 11, 2023
3 replies
40 views

I do not see where you can take the bonus deprecation on a rental on the asset entry sheet for the home for the first year of the rental. Can someone tell me where that is?

ProSeries Professional

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dkh

Level 15

On a rental house ?? What reference material told you bonus depreciation was available ?

MGC94Author

Level 7

I was watching a youtube video and it said it in it

N

Norman2001

Level 6

The recovery period has to be 20 years or less to be eligible for bonus depreciation.

https://www.irs.gov/businesses/cost-segregation-audit-techniques-guide-chapter-6-8-bonus-depreciation-considerations#:~:text=Eligible%20Property%20%2D%20In%20order%20to,utility%20property%2C%20or%204)%20qualified

qbteachmt

Level 15

Oh, gee, let me help. After all, you could have checked it with this method faster than waiting for the Intuit Professional Accountants' community input panels to load...

And then you would not have needed to keep bugging peer users on such basic issues. Because I consider this community as similar to a water cooler at the office, where some people are on break. You keep walking up and demanding attention for your issues, expecting them to go back to work on your behalf.

I googled:

does bonus depreciation apply to rental property irs

First result:

It's important to note that bonus depreciation in real estate applies only to improvements and not to a rental property itself. That's because real estate has a useful life of more than 20 years.

Jan 20, 2023

Don't yell at us; we're volunteers

abctax55

Level 15

Conway.... if you are really doing over 1000 returns, even at $ 50/return you can afford to buy some research materials. As suggested many times before on your innumerable posts.

Here I'll even provide the link for you. Buy the WebLibrary and it is *immediately* available for you to read & do your OWN research.

https://www.thetaxbook.com/

HumanKind... Be Both

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