Depreciating appliances, etc., used in a rental activity. Appliances, carpets, furniture, etc., used in a rental real estate activity are classified as 5-year property. Before 1999, however, IRS publications and Form 4562, Depreciation and Amortization, classified such property as 7-year property. If you previously claimed depreciation based on that classification, you can continue to do so for that property. Alternatively, you can choose to change your depreciation to base it on the property's classification as 5-year property. For more information on how to make that change, see Publication 527, Residential Rental Property.

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