Accountant · Atlanta, GA · Member since 2015 · 1k+ posts · 1k+ votes
7y
Agree with @Michael Plaks that it depends. It may be a non-issue if the amounts are de minimis and you make a de minimis safe harbor election and expense the costs for book and tax.
Disagree on S179. Landscaping would not be considered a 1245 asset, nor one of the "allowed" categories of 1250 assets.
I have a rental and I am wondering if I can depreciate mulch, gardening soil, annual flowers and perennials?
Also I have built multiple pergolas around the yard with pressure treated lumber. What depreciation schedules would I use? Thanks in advance.
The standard accountant's answer applies here: it depends.
Generally, land improvements such as landscaping are depreciated over 15 years. However, some of what you listed can be deducted as maintenance, and the rest can possibly be depreciated immediately in the first year, using Section 179 or bonus depreciation.
Another standard advice: consult a tax professional for a more specific advice
Accountant · Atlanta, GA · Member since 2015 · 1k+ posts · 1k+ votes
7y
Agree with @Michael Plaks that it depends. It may be a non-issue if the amounts are de minimis and you make a de minimis safe harbor election and expense the costs for book and tax.
Disagree on S179. Landscaping would not be considered a 1245 asset, nor one of the "allowed" categories of 1250 assets.