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Updated about 8 years ago,
Expensing repairs for 7th rental
According to NOLO you can expense the repairs for houses after you have an established business. Whenever I see the topic discussed, however, people say you need to add the repair costs to the cost basis of the house. I do my own finances, so I don't have an accountant to ask. Anyone been audited that had expensed repairs on a new purchase with an established business? How did it come out?
Thanks