- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
Your rental property was placed "in service" in mid-2020, it did not lose that status because you did renovations. They will be allocated in 2023, when the renovation was completed. In most cases improvements will be added to the basis and depreciated over time. This is as opposed to most repairs that can be expensed in the year they occur.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎February 14, 2023
10:54 AM