I have two residential rental properties that have been in service beginning in the 2000 tax year and have a few questions about three types of depreciation and recapture.
I understand that replacing a roof needs to be depreciated at the 27.5 year rate and will need to be recaptured when the property is sold even if the roof is no longer in service. Is that correct?
A fence will be depreciated at the 15 year rate. Is that correct and will it need to be recaptured when sold?
Lastly, replacing an appliance calls for a 5 year depreciation. is that correct and will it need to be recaptured when the rental property is sold?
David