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#5
02-23-2005, 02:58 AM
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 Re: Furnace? Harlan Lunsford wrote: - quote - > Frederick Jorden wrote:
It is a question of fact. As one who had a gravel driveway> > Harlan Lunsford wrote: > > > Mommio2 wrote: > > > > I am using TurboTax. In the "Identify Your Assets" section > > > > in the Depreciation Expert, I am trying to find out what > > > > classification a new furnace for our rental property would > > > > go under. Any ideas? Also, how about new gravel for the > > > > driveways? Thanks! > > > New furnace should be depreciated over the life of property > > > originally chosen; If before 1986, then 20 years (if I > > > remember right). If since, 27.5 years. > > > > > the gravel? I use 15 years. > > > > > Now, let's see what others use. > > If there was gravel in the driveway and you added more it > > as a repair 100% in the year put in place. > Then repaving a driveway would fall in the same category? > i.e. repair? that wound up on my lawn each time the drive was plowed a gravel drive is less permanent than black top. -- Frederick E. Jorden http://Tax-Accounting-Payroll.com 7825 Midlothian Tpk - 207 Richmond, VA 23235-5247 EMAIL knowtax[at]bigfoot.com (804) 320-6210 FAX (804) 320-6211 << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#4
02-21-2005, 06:47 AM
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| Re: Furnace? Frederick Jorden wrote: - quote - > Harlan Lunsford wrote:
Then repaving a driveway would fall in the same category?> > Mommio2 wrote: > > > I am using TurboTax. In the "Identify Your Assets" section > > > in the Depreciation Expert, I am trying to find out what > > > classification a new furnace for our rental property would > > > go under. Any ideas? Also, how about new gravel for the > > > driveways? Thanks! > > New furnace should be depreciated over the life of property > > originally chosen; If before 1986, then 20 years (if I > > remember right). If since, 27.5 years. > > > the gravel? I use 15 years. > > > Now, let's see what others use. > If there was gravel in the driveway and you added more it > as a repair 100% in the year put in place. i.e. repair? ChEAr$, Harlan Lunsford, EA n LA Fri 18 Feb 2005 << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#3
02-18-2005, 11:14 AM
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| Re: Furnace? Harlan Lunsford wrote: - quote - > Mommio2 wrote:
If there was gravel in the driveway and you added more it ia> > I am using TurboTax. In the "Identify Your Assets" section > > in the Depreciation Expert, I am trying to find out what > > classification a new furnace for our rental property would > > go under. Any ideas? Also, how about new gravel for the > > driveways? Thanks! > New furnace should be depreciated over the life of property > originally chosen; If before 1986, then 20 years (if I > remember right). If since, 27.5 years. > the gravel? I use 15 years. > Now, let's see what others use. a repair 100% in the year put in place. -- Frederick E. Jorden http://Tax-Accounting-Payroll.com 7825 Midlothian Tpk - 207 Richmond, VA 23235-5247 EMAIL knowtax[at]bigfoot.com (804) 320-6210 FAX (804) 320-6211 << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
02-17-2005, 12:14 AM
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| Re: Furnace? Mommio2 wrote: - quote - > I am using TurboTax. In the "Identify Your Assets" section
New furnace should be depreciated over the life of property> in the Depreciation Expert, I am trying to find out what > classification a new furnace for our rental property would > go under. Any ideas? Also, how about new gravel for the > driveways? Thanks! originally chosen; If before 1986, then 20 years (if I remember right). If since, 27.5 years. the gravel? I use 15 years. Now, let's see what others use. ChEAr$, Harlan Lunsford, EA n LA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
02-16-2005, 11:55 PM
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| Re: Furnace? Mommio2 wrote: - quote - > I am using TurboTax. In the "Identify Your Assets" section
The IRS position (as shown in Publication 527) is the> in the Depreciation Expert, I am trying to find out what > classification a new furnace for our rental property would > go under. Any ideas? Also, how about new gravel for the > driveways? Thanks! furnace is part of the building. Therefore the cost is depreciated over 27.5 years. Regards, Bill << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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02-16-2005, 11:36 PM
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| Re: Furnace? "Mommio2" <mommio2[at]insightbb.com> wrote: - quote - > I am using TurboTax. In the "Identify Your Assets" section
If the rental property is non-commercial(residential) then> in the Depreciation Expert, I am trying to find out what > classification a new furnace for our rental property would > go under. Any ideas? Also, how about new gravel for the > driveways? Thanks! the correct MACRS Depreciation would be 7 year DDB. As far as the gravel goes I would classify it as land improvements and classify it as 15 year property << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
02-15-2005, 07:44 AM
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| Furnace? I am using TurboTax. In the "Identify Your Assets" section in the Depreciation Expert, I am trying to find out what classification a new furnace for our rental property would go under. Any ideas? Also, how about new gravel for the driveways? Thanks! << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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