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Deductions & credits
If the rental unit was off the market for a long time then the "repairs" are not really repairs you can expense ... they are improvements that must be depreciated.
What is the difference between repairs and improvements?
Here's a rule of thumb: An improvement is work that prolongs the life of the property, enhances its value or adapts it to a different use. On the other hand, a repair merely keeps property in efficient operating condition.
‎August 6, 2021
4:07 PM