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Thanks for the reference to Sec 179. Looks as though if we were to buy a SFH and convert to a duplex, we would have to depreciate the construction costs, since it is still a residential property, but be able to write off things like a washer/dryer and furnishings if we decide to make it a furnished rental, or in other words anything that would be considered "inclusions" in a purchase and sales agreement. All of this would be subject to the limits of our income for our property for that year, but the remainder can be carried over to the next year to be applied to that income?

Looking at how to set up a profit projection spreadsheet to analyze purchase, so strategic planning rather than filling out tax forms.

Sound about right?

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