Thanks Diane for the super quick response. The home was available for rent before the rennovations but it did not get rented until 3 months after due to slow rental market. I was basically rennovating until someone rented it out.
Also, I noticed that at a $400,000 improvement value for the structure, TT indicates the home will be depreciated by $491,789 over 27.5 years. However, at 420,000 improvement value, TT indicates the home will be depreciated by $496,223 over 27.5 years. Why does $20,000 added rennovation only equal $4,434 added depreciation over 27.5 years?
Thank you again.
