In TT, I have $15k in capex for foundation work. How do I add that to the rental property? As a separate asset or as a change to the original basis? If it a separate asset, is that supposed to depreciate over 27.5 years or to fully depreciate at the same time as the house?
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It would be entered as a separate asset, and would also have a 27.5 year depreciation period as well.
The steps would be as follows:
Thank you for the opportunity to answer your questions @Jim_dzg5zg
All the best,
Marc T.
TurboTax Live Tax Expert
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