Schedule C Depreciation

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Subject Author Date Schedule C Depreciation komobu 03-19-2007  Re: Schedule C Depreciation bono9763@yahoo.com 03-20-2007  Re: Schedule C Depreciation Bill Brown 03-20-2007
Posted by komobu on March 19, 2007, 11:12 am Please log in for more thread options I was living abroad for the last 8 years and was renting out my home. Last year I had to replace the AC Unit and the total bill for that was $11000. This year I am back in my home. How much of the 11000 can I deduct? I am guessing that it would be a 7 year item so I could deduct approximately 1600. Or could it be classified as a repair and I write the whole 11000 off at one time? Also, I bought a really efficient unit so I could take advantage of the 300 dollar Federal Tax Credit for Residential Energy Efficiency. Can I take advantage of this if it was for rental property? Any advice would be appreciated Pat << ======================================================= >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2006) - All rights reserved. >> << ======================================================= >> Posted by bono9763@yahoo.com on March 20, 2007, 1:47 am Please log in for more thread options > I was living abroad for the last 8 years and was renting out > my home. Last year I had to replace the AC Unit and the > total bill for that was $11000. This year I am back in my > home. How much of the 11000 can I deduct? I am guessing that > it would be a 7 year item so I could deduct approximately > 1600. Or could it be classified as a repair and I write the > whole 11000 off at one time? > > Also, I bought a really efficient unit so I could take > advantage of the 300 dollar Federal Tax Credit for > Residential Energy Efficiency. Can I take advantage of this > if it was for rental property? Any advice would be > appreciated It sounds like it is central air, so that becomes part of the structure of the property and is depreciated over 27.5 years for residential real estate. The residential energy credit is only for your primary home, so rental property doesn't qualify. << ======================================================= >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2006) - All rights reserved. >> << ======================================================= >> Posted by Bill Brown on March 20, 2007, 1:47 am Please log in for more thread options Without addressing the OP's question I will say that real estate rental activities are reported on Schedule E, not Schedule C. << ======================================================= >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2006) - All rights reserved. >> << ======================================================= >> Similar Threads Posted Depreciation Schedule - Rental Real Estate February 17, 2009, 9:26 am Where do I report dividends paid on Form 5471 Schedule C or Schedule F March 12, 2008, 9:23 am Schedule C or Form 4137 + Schedule U ? March 30, 2007, 4:35 am Depreciation for the IRS March 30, 2007, 3:37 am Depreciation March 25, 2008, 9:43 pm accelerated depreciation February 17, 2007, 4:58 am Computer Depreciation March 7, 2007, 4:30 am Depreciation Allowance March 10, 2007, 2:30 am Required Depreciation? ? ? April 9, 2007, 3:29 am Unclaimed Depreciation April 9, 2007, 3:29 am