I have purchased a vacation home in Delaware and I live in Maryland. I will use it more than 14 days and will rent it out more than 14 days. Two questions:
1) Can I breakout the asset purchase between the building itself and the furniture and fixtures and then depreciate each piece of furniture at a different rate than the building? What would be the useful life of USED furniture? I figured this would allow me to depreciate some of the costs faster than using a 27.5 life. Is this worth the trouble? I have about $75k in furniture.2) Do I need to file a tax return in Delaware even if I will have a loss every year?
Thanks.