Thanks Carl. You provided great information.
Let me elaborate more on my situation
Property was acquired on 12/27/2012, and is a condo in a building with a rental agency on property. It was being rented since. As it wasn't renting as frequently as I wanted. Was told the reason is its current condition and decided to renovate the property. Things done are:
1) Renovated the kitchen with new appliances and washer and dryer.
2) Removed old carpet and tile. Installed new tile for the whole property
3) 3 new TV's
4) New furniture for living, dining and guest bedroom
5) New light fixtures throughout.
6) Rewiring to accommodate new light fixtures
7) Wall art and other decorative items
😎 Painted the whole condo.
I am not sure what items can be depreciated and how to enter them in Turbo Tax. According to tax laws I read, some items are depreciated over 5 years and others over 27.5 years. Can you provide additional help?
Thanks
