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Financial Planning / Tax Strategies


Subject:  Re: Form 4562 Date:  7/7/2005  7:01 PM
Author:  irasmilo Number:  79926 of 132875

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.

The IRS clearly states in all of its publications that household appliances are 5 year property. Why would you think that any book you find in Borders is necessarily more definitive than the IRS pubs? On the other hand, professional research publications which cite specific court cases, Regs, Private Letter Rulings, etc. generally provide a reasonable basis for decision making.

I rest my case about cluelessness and will leave further discussion on these issues to others.


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