@mrr6 wrote:
Hi sjb12,
This is my primary residence so I just included the $6000.00 as income. I'm not sure but if you sell your property you might be able to reduce your capital gains tax after depreciation for the cost of the new roof.
Good luck
Because this taxpayer is a rental, their cost basis is handled differently. The total work job does increase the value of the property and may reduce capital gains, but is also subject to depreciation as commercial property.
