- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Investors & landlords
Always go straight to the IRS. The difference here is that you did all the work before you placed the property in service. Any replacement appliances would have the 5 year life.
Per Pub 527:
Increases to basis.
You must increase the basis of any property by the cost of all items properly added to a capital account. These include the following.
-
The cost of any additions or improvements made before placing your property into service as a rental that have a useful life of more than 1 year.
-
Amounts spent after a casualty to restore the damaged property.
-
The cost of extending utility service lines to the property.
-
Legal fees, such as the cost of defending and perfecting title, or settling zoning issues
March 15, 2021
8:13 AM