In the real estate folder, why do you need to know if the property is residential or non-residential? Is a rental house considered residential and a commercial building considered non-residential?
Thanks
Rich
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There are different depreciation schedules applied to residential versus non-residential investment property.
From the Small Business Taxes and Management Website:
Quote:Residential property is property rented out for nontransient living purposes.
Nonresidential property includes all property not used for dwelling purposes. That includes offices, stores, warehouses, hotels and motels, etc. It also includes the portion of a home used for business.Residential depreciation is 27.5 years, non-residential is 39 years.
Best,
Dick Munroe