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Updated 4 months ago,
Cost seg study, but also had major repairs. Best way to handle for taxes?
We own a SFH long-term rental property in Nevada that was placed into service in 2023. We have run a cost seg study on the property and qualify for 80% bonus depreciation. In 2023 we also had a major repair take place. There was a water leak in a bathroom which required a full renovation of that bathroom. Cost around $11,000 total. What would you recommend as the best strategy for accounting for this situation as we file taxes for the 2023 tax year. Thanks in advance. Can provide more info as needed.