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Updated almost 7 years ago,

User Stats

52
Posts
9
Votes
Linda M.
  • Real Estate Investor
  • Chicago, IL
9
Votes |
52
Posts

tax deduction for for items brought separately from renovation

Linda M.
  • Real Estate Investor
  • Chicago, IL
Posted

I purchased a multi unit property ,the  renovation was included in the mortgage my question is ,when it is asked on the tax for depreciation the purchase price do i use the sale price of the property or do i use the sale price and add the renovation price , also in addition to that I brought kitchen cabinets and counter tops and had them installed by the contractor who was doing the scope of work in the renovation loan , are the cabinets and counter tops an improvement or are those items supplies, because they were not a part of the scope of work and were purchased separately on my credit card

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