All Forum Posts by: Susan O.

Also most under $2500 improvements can be de facto 

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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. Since 2016, the limit is $2,500 per item or invoice above the cost of many refrigerators, meaning you can elect to deduct the cost of a new fridge rather than depreciating it if that's better for your tax purposes.

In your first year when you purchase you can write off most things with section 179 though right?  https://budgeting.thenest.com/new-refrigerator-taxdeductible-rental-property-26460.html

starting in 2017

so iwe are doing $100,000 in renovations mainly floors and kitchan repairs so can we werite off annual section 179 deduction for residential apartment building we purchased through 1031

Sounds like a bad property C- area

What would a kitchen remodel and bathroom remodel be on MCARS  those are the big ones.  We've been doing 10-15 years but again they don't last long with renters destroying them

items without specific classes irs says 7 years  https://ttlc.intuit.com/questions/4349816-for-a-rental-property-kitchen-modernization-should-kitchen-cabinets-and-built-in-appliances-be-depreciated-at-the-same-rate

cabinets etc built ins etc

So I'm not sure does improvements overall get forwarded to the next property or not?

Like 10-15 years for cabinets, roofs etc

So how about tenant turnover we uusally put 7 years when I do tenant turnovers.

But they usually happen every 3-5 years

My accountant does 7 years for floors sometimes 10 years. floating linoleum or carpets 5 years 

is that not acceptable? I usual replace floors every 5-10 years

Hi I'm going to be doing a 1031 exchange soon

I wanted to ask and make sure

If I did about $30,000 in improvements being depreciated over 7-10 years on my old downleg property

Would this be forwarded to the Depreciation shcedule for the new property so that I could continue writing off the $30,000 in improvements on the new upleg property?

 https://www.mercurynews.com/2017/11/02/rent-control-policy-likely-fueled-the-gentrification-of-san-francisco-study-finds

Thanks for the info Chad I'll be fighting them as will our friends and neighbors who don't want rent control to ruin a great city