Special 50% Depriciation Allowance??
Does anyone know anything about this Special 50% Depriciation Allowance if you bought the property after May 5 2003?
I bought a 6 unit building for $530,000 in July 2003. Can I declare that about 30,000 of the purchase price was for stuff like carpets, stoves, refridgerators, water heaters, fences, boiler, driveway, roof, etc. and thus take a $15000 ($30000 / 2) Special 50% Depriciation Allowance.... or am I completely missing the point here? Thanks!!
My understanding is you cannot use the allowance for any property that normally would be depreciated over a period greater than 20 years. Also, you can not use it on 'used property'.