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Updated over 3 years ago,
Renovation on first rental property
I'm excited to be currently renovating my first rental property! Apart from painting, replacing toilets, etc (and also addressing mold issues), the general contractor is also adding a wall to make the property a 3/2 again (prior owner took down a wall to make it a 2/2). What documentation do I need from the general contractor to differentiate things that can depreciated vs. deducted? I'm looking to meet with a CPA, but that's likely after the renovation is completed. Thanks!