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Updated over 7 years ago,
Expense or depreciate repairs?
Hi all,
I purchased a duplex in July and gave both sides notice to vacate. They both vacated Aug 1st. My question is since it was already in service on the day I took ownership, can I expense the costs to fix it up? I know bigger items such as new cabinets, flooring, carpet and appliances are depreciated but what about things like painting, replacing toilets, new vanities, countertops, ect?