Tax, SDIRAs & Cost Segregation
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Updated almost 10 years ago,
Thinking of Renting My Home Newbie Questions
Hello all,
I purchased a house in 2008, and did many updates to it over the last 7 years (new water heater, privacy fence, hot tub, wood floors, lighting, insulation, plumbing, windows...you get the picture).
I recently had to relocate for a new job I accepted. I am 180 miles away from the home now. I am interested in renting the home out.
I've applied for the rental license (pending) at this time. I've got landlord insurance on the property now, and getting an umbrella liability policy.
when I left the house to move into my temporary rental (close to work), several things need to be done to the house still to get it in rent-able condition.
1. Boiler no longer works. I've had several quotes and everyone advised me to just replace it (it is an old sears model from the 60s).
2. Misc drywall patching.
3. Defective bathroom fan.
4. Painting (my kids colored on the walls).
5. Some light drywalling.
6. Replacement of bathroom mirror (broke).
I have several questions about what is tax deductible and what isn't.
1. If I replace the boiler, is that considered as a "repair" or more of a long term tax deduction depreciated over 27.5 years?
2. If I made upgrades to the house over the past 5 years, can those be depreciated now that I am renting the home (such as new windows I put in in 2012)?
3. I've been driving there and driving back every Saturday to get the house in better condition to rent it. Does this mean the entire 360 miles is tax deductible?
Thanks in advance.