{"id":2874,"date":"2009-01-13T11:54:31","date_gmt":"2009-01-13T19:54:31","guid":{"rendered":"http:\/\/blog.huddlestontaxcpas.com\/?p=33"},"modified":"2009-01-13T11:54:31","modified_gmt":"2009-01-13T19:54:31","slug":"depreciation-for-rental-properties","status":"publish","type":"post","link":"https:\/\/huddlestontaxcpas.com\/blog\/depreciation-for-rental-properties\/","title":{"rendered":"Depreciation For Rental Properties"},"content":{"rendered":"<p>Depreciation is used for items that cannont be fully expensed in the year they were paid for.\u00a0 For a rental property this would include items such as the building, appliances, furniture, and improvements.\u00a0<\/p>\n<p>Property that should be depreciated meets the following requirements:<\/p>\n<ol>\n<li>You own the property<\/li>\n<li>You use the property in your rental<\/li>\n<li>The property has a dterminable useful life<\/li>\n<li>The property is expected to last more than 1 year<\/li>\n<li>The property is not excepted property (such as property placed in service and disposed of in the same year)<\/li>\n<\/ol>\n<p>For rentals, the following are examples of depreciable property and their useful lives:<\/p>\n<ul>\n<li>Building &#8211; 27.5 years<\/li>\n<li>Appliances &#8211; 5 years<\/li>\n<li>Carpets &#8211; 5 years<\/li>\n<li>Furniture &#8211; 7 years<\/li>\n<li>Fences &#8211; 15 years<\/li>\n<li>Additions and improvements &#8211; 27.5 years<\/li>\n<\/ul>\n<p>When you start to rent a residential home, part of the cost basis of the home must be allocated to land.\u00a0 Land is not a depreciable item.\u00a0 You can figure the portion of the building cost attributable to land by using proprety tax records or a professional appraisal.<\/p>\n<p>If questions arise about whether or not a rental item should be expenses or depreciated for tax purposes it is always best to consult a tax professional.\u00a0 This way you can make sure your tax return is correct.<\/p>\n<p>\u00a0<\/p>\n<div><a href=\"http:\/\/huddlestontax.com\/\">Jessica Chisholm, CPA<\/a><br \/>\n<a href=\"http:\/\/huddlestontax.com\/\">Seattle\/Bellevue Tax Accountants<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Depreciation is used for items that cannont be fully expensed in the year they were paid for.\u00a0 For a rental property this would include items such as the building, appliances, furniture, and improvements.\u00a0 Property that should be depreciated meets the following requirements: You own the property You use the property in your rental The property [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-2874","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-real-estate","7":"entry"},"_links":{"self":[{"href":"https:\/\/huddlestontaxcpas.com\/wp-json\/wp\/v2\/posts\/2874","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/huddlestontaxcpas.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/huddlestontaxcpas.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/huddlestontaxcpas.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/huddlestontaxcpas.com\/wp-json\/wp\/v2\/comments?post=2874"}],"version-history":[{"count":0,"href":"https:\/\/huddlestontaxcpas.com\/wp-json\/wp\/v2\/posts\/2874\/revisions"}],"wp:attachment":[{"href":"https:\/\/huddlestontaxcpas.com\/wp-json\/wp\/v2\/media?parent=2874"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/huddlestontaxcpas.com\/wp-json\/wp\/v2\/categories?post=2874"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/huddlestontaxcpas.com\/wp-json\/wp\/v2\/tags?post=2874"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}