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Investors & landlords
Think of the building as two separate properties--a rental property and your personal residence.
You should capitalize 50% of the gutters and electric upgrade since that belongs to the rental property. You can add them as separate assets in TurboTax to track the depreciation.
The other 50% of the expense is added to the basis of your personal residence to minimize any gain when you go to sell.
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‎June 5, 2019
11:14 AM