Hello
I have a rental property and replaced carpet with LVP, costing close to $9K.
If I'm right, I can't show this as repair/expense. Instead should be 'improvement'? (more than $2500)
Now going through 'Improvement' questionnaire: Kinda confusing to think flooring as asset and answer questions like 'business usage, when asset was purchased' etc
- 'Rental real estate property' -> 'Appliances, carpet, furniture' (assume flooring same as carpet??)
- Next screen:, describe the asset (i entered 'flooring'), total costs. For 'Date Purchased': is this flooring installation date?
- Next screen: 'I purchased this asset' (doesnt make sense when talking about Flooring upgrade) and used 100% for business since acquired (does it mean i use this 100% for business since 'date of installation?')
After all these, it shows 'Section 179 deduction' options.
This 'Additional options available only if original use of property begins with you' means, the rental property was first used by me for personal yes before putting into rental market?
I dont see a significant different in tax owe if i choose 100% 179 deduction (9k) or if do partial deduction (3k 2024) and rest spread through years.
