I need further explanation on the following points.
1.) I am referring to things here such as repairs, cleaning, and painting. Aren't these items expenses and not assets thus they would not be depreciable? Can I write off repairs, cleaning, and painting performed before the in service date?
4.) You stated the following "As a cash basis taxpayer you generally deduct your rental expenses in the year you pay them". but then indicated "Prorating by the day is correct" which seems contradicting.
Do you deduct all expenses the same way? Meaning some you pro-rate and others full in the year you pay them? Water bill and Internet different than Mortgage Interest, HOA, Property Insurance, Property Taxes?
- E.g. - Water Bill paid date - 01/17/2024, usage for 12/15/2023 - 01/17/2024.
- In doing 2023 taxes, prorate for the 2023 days or deduct full amount in 2024 and not include any amount in 2023?
- E.g. - Internet paid date - 12/15/2023, usage for 12/16/2023 - 01/15/2024
- In doing 2023 taxes, Prorate for the 2023 days or deduct full amount in 2023 and not include any amount in 2024?
Thank You
