Discussion:39 year property
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Discussion Forum Index --> Basic Tax Questions --> 39 year property
Discussion Forum Index --> Tax Questions --> 39 year property
| 28 November 2007 | |
| If I have to replace the roof in year 20 on 39 year property and I have already depreciated 20 years and have only 19 years left how many years must I depreciate the roof?? same with a furnace or air units?
Neil | |
| 28 November 2007 | |
| materially adds to the value of the property or substantially prolongs its life
39 years | |
| 28 November 2007 | |
| Question...we are in 2007 less 20 years = 1987. You can't be in year 20 of 39 year property. 39 year property didn't began until 5/13/93. (post 5-12-93)
Is this a hypothetical question? | |
| 30 November 2007 | |
| yes it is hypothetical. Can't I depreciate over the roofs expected live? Same thing as a furnice bought 10 years after I buy the 39 year property. The furnice is expected to last 5-7 years do I have to depreciate over 39 years?
Thanks | |
| 30 November 2007 | |
| "The furnice is expected to last 5-7 years do I have to depreciate over 39 years?"
Yes. It is a structural component. See Reg. 1.48-1(e)(2). | |
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