I recently purchased new appliances for one of my rental units. Can I include the purchase in my operating expenses all in one year, or do I have to expense them over 5 or 7 years? Thanks!
It is 5 year depreciation. Look at page 9 of IRS Publication 527.
Pretty sure if you’re under $2500 (not sure if it’s per item or per invoice but I THINK it’s per item) you can write it all off as an expense under the safe harbor rule...
“Under IRS rules, you can make what's called a de minimis safe harbor election to deduct, rather than depreciate, the value of low-priced items for your business, including appliances for a rental unit”