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Updated almost 10 years ago,
Preparing taxes for a 4 family rehab
I did close to a complete rehab on a 4 family house spending 100k.
New roof, new boilers, all new apts w/ new windows but
most walls stayed.
Some wk was to patch up or skim coat existing walls, for example.
In the example above, how do you breakdown what is a capital improvement
and what is a repair for tax purposes?
Trying to come up with a number on what was spent on supplies is tough w/o going thru 2000 receipts.
Can I take a percentage of the money spent based on what would considered a normal range?
I have an acct but I'm looking for other opinions.
Thanks for the input.