You have one of each. The repainting would be considered a repair and you can deduct the cost as a rental expense. The new flooring would be considered an improvement and you would depreciate the cost as an Asset.
In general, a repair maintains the property in its 'as-is' condition or restores it to its 'as-was' condition. An improvement makes the property more valuable or extends the useful life of the building.
Take a look at the following TurboTax article for more information: How do I handle capital improvements and depreciation for my rental?
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