Leaderboard

If the floor and sub-floor were destroyed, I would expense that cost as a repair. Any part above and beyond restoring the floor to usable condition (how worn out was the floor previously?) would be capitalized as an improvement. But the restoration is repair; an apartment must have a sound floor. De minimis expense on the water heater. Fridge I'd either take bonus depreciation or just depreciate without the bonus; it might help more in future years to have the deduction then, in years without the huge repair costs. New roof not eligible for Section 179 expense on a rental. Amend 2018 (two years of incorrect usage to have to file 3115, so lucky to catch it in year two), continue on to 2019.

I would bonus both the hot water tank and the refrid. I also would depreciate the floor under 27.5. I do not/cannot take 179 on residential rentals.

Sounds like ATX is doing what UT is: First quarter estimate due 7/15, second quarter due 6/15. Gives a whole new meaning to the adjective "first." I have noticed a couple of states warning that interest is statutory and will be charged if paid after April 15. How can anyone keep track of this?! I'm encouraging my clients to pay sometime in April because we are all used to that date and no one is going to be thinking about taxes in July.

Personally, I would expense the water heater as de minimis (under $2500 or 2% of the cost of the property), depreciate the refrigerator as an appliance, with bonus depreciation or 179 available , and capitalize the flooring as a restoration. I would not have used 179 on a structural component like a roof. However i an not an expert on rental property and did not look up cites for any of this, so someone else may know more and give you a better answer.

I think that was somewhat addressed with the SECURE act when the RMD age was raised to 72. QCDs could still be made directly to the charity for those over 70.5 but without a "required" distribution, the QCD couldn't be used as an offset. I would assume that the same applies to the CARES act too, but all I could find on it so far is a 3/30 article in Forbes. See "How Does This Impact QCDs" here: https://www.forbes.com/sites/jamiehopkins/2020/03/30/cares-act-drastically-changes-required-minimum-distribution-rules-for-2020/#3eb1b00519a0

1. You file an unemployment claim with your state. 2. You do not need to be a wage earner with an employment history 3. These benefits are being paid with federal dollars 4. Your state's Employment Department will decide based on federal guidelines

https://www.journalofaccountancy.com/news/2020/mar/irs-faqs-coronavirus-filing-payment-extension-july-15.html?utm_source=mnl:alerts&utm_medium=email&utm_campaign=24Mar2020&utm_content=button