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Updated almost 6 years ago,
Taxes: rental property repairs / renovation
Hello everybody!
I need your help, please.
After long term tenants the unit needs full renovation:
full interior painting, new carpet, some times new interior doors :) vanity and toilet.
I am confused when what is the best way to put it on the tax return:
It looks like all the new carpet, appliances, repairs, supplies we could expense during the same year.
What to do with full interior painting? How to depreciate it? I use HR Block software and do not see where to put it.
My old business tax people from HR Block used to depreciate full renovation project (which could cost me around 6K) under real estate property for 27years. I would agree that a new roof, windows, new tile, new kitchen cabinets will be considered as improvement and depreciate for 27 year or so. But I do not see how interior painting should depreciate for 27 years. We usually do it every 5 years or so.
Please advise