Single Family Fiscal Year 2023 Capitalizing vs Deducting

[Rj Sayler]

Looking for a little help on the schedule E for Fiscal Year 2023. I and a partner are trying to figure out this best way to handle taxes for 2023. 3 units are being renovated currently, how do we know what cost should be capitalized and what cost should be taken as a current year deduction for 2023? Looking at about 70k in cost for a full rehab - from concrete slabs to carpentry. Is it bad to just capitalize all the cost? What is the process for taking as much as possible as a current year deduction.