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100% 1 year Bonus Depreciation
I am looking at my options for handling expenses before I start renting a condo that I am remodeling. I have AC maintenance fees, HOA fees, new appliances, and various repairs. I realize that I can't claim them as operating expenses because they occurred before I offered the the unit for rent. I thought I could use the startup deduction, but I already have one other condo that I am renting in the same area. I think I have to handle these through depreciation. Can I use the 100% 1 year Bonus depreciation for these items or do I have to just include these expenses in the overall basis of the condo and depreciate them over the 27.5 years? Feel free to correct any of my assumptions. Thank You
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‎September 16, 2020
2:26 PM