The tenants damaged basically all the floors in the rental apartment. The sheet vinyl and carpet were ripped out in a lot of parts. The floors need to be replaced because they're beyond repair due to damage. However, instead of putting in carpet and sheet vinyl, I'm choosing to put in LVP and do some DIY work to make it cheaper. Is the amount I spend on replacing the floors tax deductible as an expense, because the old carpets/vinyl was beyond repair? Or is it a depreciable expense where I have to amortize it over some years because I'm getting new LVP which "improves" the apartment?
Also, is painting the interior an expense? Thanks.
