Depreciate Household Appliances without Receipt
Hi BP community,
I recently bought my first property, which is a condominium (and will be used as a rental property). Seller has replaced old carpeting with new, new vinyl, all interiors with fresh coat of paint as well as the installation of new appliances (dishwasher, refrigerator, stove and range hood).
My challenge is that I haven’t received any receipts for these newly acquired appliances. How would I go ahead and deduct/depreciate these personal properties during tax season without having any adequate proof of purchase?
Much appreciated and thanks to all!
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Ashish Acharya
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Ashish Acharya
#1 Tax, SDIRAs & Cost Segregation Contributor
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The cost of those appliances is included in your purchase price. I am assuming you didn't buy that appliance. You bought the house, so you depreciate the house, not the appliance purchased by the seller.
However, you could do the Cost Segregation and accelerated depreciation even 100% depreciation this year, but the cost of Cost seg for one condo is not worth the tax saving.
It's not that you will not get that deduction if you do not do cost seg. You will eventually depreciate them, but not as fast as you would have.
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