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Updated almost 9 years ago,

User Stats

14
Posts
3
Votes
George Roxby
  • Part time Investor
  • Middletown, NJ
3
Votes |
14
Posts

Tax prep question for renovations on a rental in NJ

George Roxby
  • Part time Investor
  • Middletown, NJ
Posted
I purchased and renovated a buy and hold rental property located in NJ in 2015. I did a lot of renovations on the property. The property is held under my own name and I'm trying to get organized before I go to see my tax guy. My question is how can I best organize the deductions so I'm not just handing my tax guy a four inch thick folder of Home Depot receipts? I understand some of the larger ideas may be depreciable. Really curious as to the best way to organize everything to hand him a nice neat package to ensure I get the best use of my deductions. Examples of work All new bathroom AC compressor Carpet Large tile floor Roof repairs Lots of cleanup (50 yards of dumpster) HW heater Paint Kitchen Cabinets Granite counter tops Few doors And all of the odds and ends that go along with all of that. I'm sure I'm missing something. End of the day purchased the place for 102k and put around 20k into it. I have it rented for 1900 a month so it's doing well for me so far. Thanks for any input. This is my first BP post!

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