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Updated about 6 years ago,
cost-basis, repairs, capitalized improvements - taxes
I'm wondering if there's a quick guide somewhere to see what things are part of the cost-basis vs repairs vs home improvements that need to be capitalized and depreciated.
Does anyone have a template or a spreadsheet to track these things + depreciation?
I purchased a rental duplex in PA, and am having some contracting work done to make the units rent ready + improvements such as installing a house meter for electricity. The property management company just lists the entire cost of the rent-ready work as repairs, but some are repairs and some are home improvements.
How would you go about it?