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Deductions & credits
All you need is the invoice for the cost of the roof and a copy of your proof of payment, either cancelled check, bank or credit card statement. You keep those with your rental property records in case you are ever audited by the IRS.
The roof replacement cost would be entered on your tax return as an asset for the rental property and is depreciated over 27.5 years.
‎November 1, 2024
12:23 PM
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