James Madison
cash bought Primary residence to rental; capital gains and costs
I've read through 10 pages of threads on conversions trying to answer my questions and haven't found the answer I'm looking for.
Here's the background.
Primary residence (from 2011) purchase price: $10k...
Wilson L.
Tax planning renting out rooms in a owner-occupied house
I looked over all the IRS rules regarding rental income in an owner-occupied house. After looking at everything, this is the plan I've come up with. Any pointers/tips/suggestions would be helpful.3bdrm/2ba house wit...
Travis Frenchak
Writing off 100% of improvements first year
Is it possible to write off 100% of the repairs/improvements in the first year instead of taking it over a longer term? I put about $70k into a buy and hold this year and would like to write it all off. I understand t...
Mark Gruetzmacher
Cost Basis before being in service
Ok my understanding is that repairs and improvements to get a property fixed up so it can be put into service as a rental are added to the basis of the property per what the IRS says. So with that said, I have a coup...
Brigitte Garrett
IRS classification of Maintenance costs
Hi All,Under the current tax laws is interior painting considered maintenance vs repairs?What about roof maintenance (replacing a few shingles)?I would like to have document references to support classifying these two...
Art P.
Mortgage Interest deduction tax treatment on mixed use assets
Hello all tax professionals on BP, I would like to reach out to the knowledge base to see if any of you have dealt with a similar situation as addressed below and how to properly handle it. Thank you in advance!Topics...
Matt Lawrence
Home Repairs & Tax Write-Offs
Hey everyone, I'm new here & couldn't really find the answer to my question(s) so hopefully I can get some feedback/pointed in the right direction.
Me & my friend recently started a company buying homes to le...
Patty Mac
put siding on in 2023, but paid in 2024
I'm doing my 2023 taxes (late) and we had some siding and gutters put on in Fall 2023, however we did not pay for it (~$13,000) until summer 2024. Do I record this in my 2023 or 2024 taxes? I know it is a capital imp...
John Irvin
Foundation repair - expense or depreciate?
Bought my first rental. Has some foundation repair needed. Looking at $10-$15k if I hire it out. Can I deduct this as a repair expense or will I have to depreciate it? Looking to keep as a rental. Also, I’m plann...
Michael Doll
Deduction of Repairs?
Hi everyone,I'm looking to make repairs and upgrades in my current duplex. I currently live in the unit that I want to repair (aka paint cabinets and install new flooring). Am I able to deduct any or all of these expe...