Hi AmyC (Tax Expert),
Thank you for the step by step instructions.
My situation is as follows. I bought and rented out a rental property on 2018. Last year I replaced the roof and spent about $18,000 out of pocket.
- Should I use the same depreciation steps you provided?
- What if I plan to sell the property next year or so, do I get any tax deductions since I will not be owning it the 27.5 years of depreciation?
Also, the roofer sent me pictures of the gutter which were damaged and had holes, I replaced that as well and paid almost $3,500 out of pocket - is that considered as repair expense?
Thank you so much!
Sally
