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Get your taxes done using TurboTax
If all of the repairs/renovations took place prior to the property being placed in service in February of 2024, then those costs are added to the property's basis as improvements and depreciated. You'll see the page 'Any property improvements made?' in the property profile section.
Improvements/repairs made when a property has already been placed in service but suspended while work is done, can be expensed/depreciated according to category.
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March 12, 2024
12:43 PM