I have done a knob and tube wiring removal for my rental home because knob and tube wiring is an obsolete wire coding standard and I wanted to take precaution of the potential fire hazards. As a part of this rewiring project, there were 50 holes cut out from the drywall so I needed a drywall repair and paint job consequently.
I have a few related questions:
1) Should I club all the charges for the full rewiring projects together in the same entry or should I break it down (Electrical rewiring = 25K, drywall repair/painting = 7K)?
2) Which category is electrical rewiring, drywall repair/painting considered as? Residential Rental Real Estate, Appliances or Land Improvements?
3) Can I take Section 179 or Special Depreciation Allowance to deduct these costs this year?
