countrygirl2
Senior Associate
Joined: Dec 7, 2016 15:45:05 GMT -5
Posts: 17,636
|
Post by countrygirl2 on Feb 25, 2022 12:49:38 GMT -5
We made improvements to the bathroom in the post office building, new sink, put metal on the walls to be durable instead of painting, sink, small water heater, and laminate flooring. Hubs put in new light fixtures, a mirror or medicine cabinet, don't remember which now. It's a total of about $2400. The post office is leased to the USPS. The depreciating schedule is for 39 years for the main building, which I think is nuts, it was built in 1910. It's year 5 now into the schedule.
But now I'm wondering how I handle this. I read some that said this could be written off over 15 years or just expensed in other cases, as this is treated differently than just regular rentals.
I found information on how to treat it, I think, we did nothing to add to the life of the building, we just made the bathroom usable again, it was in terrible condition, dirty, and stuff in it old, very aged. I treated them as expenses.
And it appears that our acct can then take it all as an expense under rules from 2018 to 2022. I think I'm ok. I give her all my records so if she needs to change she can but I hope its not required.
|
|
gacpa
Familiar Member
Joined: Nov 19, 2013 16:08:06 GMT -5
Posts: 740
|
Post by gacpa on Mar 2, 2022 10:22:48 GMT -5
I think you are safe to expense on the books. If they want to set up the costs on a depreciation schedule, you should still be able to take Sec. 179 for tax and expense the whole amount for tax purposes. Non residential rental property will allow for expensing.
|
|