Skip to main content
Message Font: Serif | Sans-Serif
No. of Recommendations: 0
I am back to doing my taxes. I have decided to take a stab at form 4562. I have decided to do the following.

1. Use the 85% of the tax assessors value of the property as the depreciable basis. I think saying the land is worth 15% and the building 85% is reasonable. I have no better guess of the value at the time of inheritance (12/03) than the assessors value.

2. I am classifying a new refrigerator, used furnace, parking restricted sign, CO detector/smoke alarms, Doorbell parts, and window rescreening costs as 7yr property.

3. I am classifying a jigsaw, powerscrewdriver and weed clippers as 5 year property.

4. I have elected not to include the cost of copper tubing, aluminum ducts, etc. and other similar supplies as depreciable.

This leaves me with the question of how to classify painting costs. The paint job is guaranteed for 2 years. Do you have any thoughts on this or the above classifications.
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.