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Financial Planning / Tax Strategies


Subject:  Re: Form 4562 Date:  7/7/2005  1:57 PM
Author:  JackieChanofChic Number:  79920 of 132875

Author: irasmilo | Date: 7/7/05 1:42 AM | Number: 79910

I would consider the sign, doorbell parts, and window rescreening as repairs, not capital improvements. I might even consider the furnace replacement as a repair in light of recent tax court decisions related to roof replacement. If you depreciate the furnace, it is 27.5 year property. Assuming that the CO detector/smoke alarms are a new installation and not a replacement of existing equipment, they are new depreciable assets as would be the refrigerator. All of these items are 5 yr property.


The book I thumbed through at Borders yesterday specifically said all appliances are 7yr property. Thus, I classified my refrigerator as 7yr property. The furnace and the rescreening were replacements of existing equipment. I concede that these may be repairs. The sign however is a capital improvement in my situation.
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