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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.
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