I had water damage on my rental condo.
The repairs were for mitigating asbestos/mold and repairing the water damaged wall and floor. It also included replacing my 2 year old laminate floor and 30+ year old original kitchen cabinets.
Can I expense all of these costs as I have seen in other posts by listing the insurance claim as income and the cost to repair as a repair cost?
Or do I break out the floor and cabinets and say they are improvements that need to be depreciated? The cabinets and flooring were of the same quality as what was there before...so not technically an improvement... hoping I can expense it all and keep it simple.
