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How do I depreciate a new roof for a rental property?
I put a new roof on my rental property last year. It cost me nearly $20,000 out of pocket. Supposedly, this cannot be counted as a business expense for a deduction. I'm supposed to depreciate it? Can you help me understand how this works? How does it work out in the end, considering I had to pay $20,000 out of pocket for a repair? Also, how would I input this in TurboTax Premier 2019?
‎January 17, 2021
5:45 PM