If the property was a rental property or property used in your trade, business, or farm, you can depreciate those expenditures. As stated above by macuser_22, there are no deductible expenses for personal property. However, keep track of your personal property improvements as these amounts can be added to your basis when you sell your home.
Capital improvements that add to the value of your rental or business property, prolong its life, or adapt it to new uses must be depreciated over a period of time rather than deducted as a current-year expense. This would include things like:
- Remodels and room additions (including decks and porches)
- New or upgraded landscaping, irrigation, sprinkler system
- Hardscape such as pavement, block or retaining wall, patio
- Fencing
- Swimming pool, spa
- Storm windows, doors
- New roof
In other words, if you spent $8,000 on a new roof last year, the IRS won't let you deduct the entire $8,000 from last year's rental income. Instead, the $8,000 must be depreciated, which means you deduct it over a period of time instead of all at once. To enter your rental improvements, simply follow the directions to enter your rental income and expenses. At some point, you'll come across the Rental Summary screen. Select Start next to Asset/Depreciation and follow the onscreen instructions. We'll figure out which depreciation method works best in your favor. For business assets, use Schedule C and for farm assets, use Schedule F.
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