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Deductions & credits
@GiseleD , @DaveF1006 , @BarbaraW22
Okay, this makes a lot more sense.
But my follow up question is, why do I have to capitialize them (add them my basis), and recover them through depreciation when the property is in service? Why can't I just deduct all of the repair expenses AND depreciate the improvements when I file taxes for 2020? Why do I have to only depreciate them over time?
‎February 20, 2020
9:08 AM