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What year to enter Rental Kitchen Renovation
Hello, I was renovating a kitchen in my rental unit, but did not finish it in 2020. I should finish the kitchen and put the unit back up for rent in early 2021. Do I have to claim all the renovation expenses as an improvement on my 2021 taxes since that is when the work will be finished and the unit put back up for rent?
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February 8, 2021
7:13 PM
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Investors & landlords
Yes, that would be the appropriate way to handle reporting the renovation of your kitchen. It will be entered as a depreciable asset on your 2021 tax return.
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February 9, 2021
7:59 AM
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