TAXMAN Posted October 19, 2021 Report Posted October 19, 2021 TP owns a NONRESIDENTIAL RENTAL PROPERTY. Old heat pump blew up. Replaced with new one 4700.00. My understanding is under TCJA I can elect to expense it all 1 year or dep over 15 years? Quote
Lee B Posted October 19, 2021 Report Posted October 19, 2021 HVAC is Qualified Real Property which qualifies for Section 179. I don't use Bonus Depreciation due to my state. 1 Quote
DANRVAN Posted October 19, 2021 Report Posted October 19, 2021 1 hour ago, cbslee said: I don't use Bonus Depreciation due to my state. ?? Oregon has been connected to federal on bonus depreciation since 2011. Quote
Roberts Posted October 19, 2021 Report Posted October 19, 2021 Isn't an HVAC / heat pump considered 27.5 years depreciation? Quote
Lee B Posted October 19, 2021 Report Posted October 19, 2021 27.5 is correct for residential, this is nonresidential 1 Quote
TAXMAN Posted October 21, 2021 Author Report Posted October 21, 2021 The rental is to an insurance co. In atx do I imput it as 15 year property to get the 179. My state doesn't go with Bonus but does go with 179. Quote
DANRVAN Posted October 27, 2021 Report Posted October 27, 2021 On 10/21/2021 at 7:59 AM, TAXMAN said: In atx do I imput it as 15 year property to get the 179. You should be able to input as nonresidential in ATX and claim section 179. Another possibility is the small taxpayer safe harbor. You are under $10,000 are you also under the 2% threshold? 1 Quote
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.