Thanks again for that detail re: Repair. We had the foundation re-leveled. It had been sinking and the slab cracked, walls cracked, water damage, etc. This resulted in brand new PIERS installed that lifted & re-leveled the SLAB. Very expensive ($40 K !!) .. Drywall repaired, Repainted, new carpet, etc. So based on what you say, it appears I can write this as a 1-time repair & thus deduction on Sched E ? However, when we SELL the property, we use this in our adjusted cost basis ?
(Sorry if these are stupid questions. We are just simple landlords that rent out a house we own. We are NOT an LLC. )
