After owning a condo out of state for 9 years, with the same tenants, we remodeled including appliances and a new HVAC system paying a total of $30,000. The same tenants are still renting. We also spent about 1,000 on new furniture, etc. Here are my questions:
1. Can I put the total for depreciation as $31,000 over time or do I have to check the box for items $2500 or less and do separate entries?
2. If we are planning to perhaps sell the condo in a couple years, should I depreciate over time or complete the section 179?
2. Can I deduct the expenses of a VRBO, food, and transportation which we incurred when the remodeling was being done so we could monitor the remodel since it was done in a different state?
3. Would I also list the $31,000 expense in the Miscellaneous expenses at the end or just in the depreciation section?
4. If I can't list these expenses as Miscellaneous at the end, what can be listed as Miscellaneous?
Thank you for your help.
