a. Is this going to be diffcult & is there a simple way?
b. Planning to have roof replaced on rental property. Several yrs back we had storm damage – received $ from Insurance for replacement of the side that was damaged. However, was able to patch and it’s held up well. Now, with a new roof: Am I suppose to depreciate the roof now as a separate “item” using the actual cost or what I paid.
Found info about yrs to depreciate – then something about “bonus depreciation”. If I understand this would mean If the roof cost 10,000 I could take that depreciation immediately – Of course it may cause a lost for that year.
Though – on the other hand – if I sell the property in a few yrs, I would have to “recapture” that $10,000.
Researching just led to more questions that answers:)