Oh, wow. I had it all wrong. So only "appliances, carpet and furniture" expenses are recorded as assets and everything else less than $2500 related to the renovation are just recorded as expenses? TurboTax generated a "Schedule E: Supplemental Income and Loss -- Form 4562, Line 6 Additional Section 179 Property Statement" for the items I listed as an asset. I am now so confused on how I should be reporting renovation expenses that are less than $2500 and those that are more than $2500.
