Solved: Do I classify both a central air conditioner and furnace as a rental asset with a depreciation life of 27 1 2 years and add them to properties’ basis?
The dollar limit for the section 179 deduction is $320,000. If you buy qualifying property with cash and a trade-in, its cost for purposes of the section 179 deduction includes only the cash you paid. The treatment of property as tangible personal property for the section 179 deduction is not controlled by its treatment under…