Rental Property Roof Depreciation?

Home Fairmark Forum Taxation of Investments Rental Property Roof Depreciation?

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  • #20677
    Jannie
    Participant

    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.

    #20901
    Jannie
    Participant

    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:)

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