In 2020 we put over $20k in repairs and improvements. Cabinets, sinks, flooring, paint, door handles, etc. Seems like the law now allows us to take items that would normally be depreciated and expense them in the same year. Do we need to expense some items and depreciate some items -and/or- carry forward a loss? We plan to sell next year (July 2022). We just learned that there is a special assessment for roof replacement ($7300!!) due April 1 2021 so next year will already be a loss.
I don't want to leave $$ on the table knowing we will be selling next year.
We've owned and rented the condo since 2004.
Many Thanks!! Mike.
