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Updated over 4 years ago,
rehab expenses dededucted immediately v. depreciated over 27.5 yr
Good evening BiggerPockets members. Does anyone have a great source for what rehab items can be deducted immediately v. depreciated over 27.5 years? I understand that the major items like replacing floors, bath, kitchen, and HVAC will be depreciated over 27.5 years, but there are some items like scraping the ceiling, updating a drive way, and fixing a bathroom closet that I am not sure about. Can I just put up a "for rent" sign in the yard once the major items have been taken care off and the provide a list of all the remaining items to an accountant who can make a determination for me? Just want to make sure I do not get in trouble for putting up a for rent sign too soon. And I know, I should have gotten an accountant already but working on that now!