First, report the price of the building separate from the land. Land is not depreciated. Next if the house was being rented, separate the improvements by class. If the improvements are different classes, such as roofing, appliances, carpet,they will need to be listed separately so that they can be depreciated according to their expected useful life. Repairs may be expensed since the home was being rented. Repairs are getting the property back to where it was, not making value improvements. So Weed and feed, expense. Utilities, expense. New roof, capital improvement and depreciated.
