@Mike9241
I appreciate the lengthy description you gave, however, much of it did not answer my question. I’m aware of what constitutes a capital repair and both situations qualify. I filed my 2022 taxes and have to amend them. Because of that, I thought I would clarify whether or not I categorized this correctly in TT. Since TT will not e-file my amendment, I have to mail it in.
From college, I remember that capital repairs increase the basis and extend the life. I just wasn’t sure how that carries over to your taxes. 2022 was my first year filing the taxes myself and I made one mistake that I have to correct and therefore went over everything to make sure I don’t make another. The business operated at a loss in 2022, so I can’t deduct the expenses.
