We replaced the flooring on the main floor, bathrooms, and laundry rooms with LVP. The kitchen, bathrooms, and laundry rooms were originally vinyl, the rest was carpet. The floors were 10-11 years old when we replaced them. Does this count as a permanent improvement? TT Help gives an example of adding carpet when there was none before. We did about the opposite (carpet to LVP).
Thanks.
Yes, these are considered capital improvements and not expenses. If this residential property is added to the basis of the home. If it is a residential real estate property you rent, each item will be considered a depreciable asset and needs to be reported on its own depreciation schedule.
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