Hi Carl,
You are GREAT! I have been reading your posts and they are really, really helpful however I cannot seem to get confirmation on this expense:
PAINT!
Assume I spent 350.00 on paint in late 2020 to decorate my condo to beautify it so renters will sign on the bottom line. Well , they liked my paint job and signed my lease. My rental was posted for rent 12/20 and they signed for 01/01/2021. All is well going on 2 years.
NOW IS THE PAINT I purchased deductible in any way? (forget all my labor involved countless hours). I have been reading the IRS will not allow paint to be deductible, capitalized, depreciated unless it is "wrapped" in as expense under a "REMODEL".
Can you please clarify once and for all to the END OF TIME is paint deductible as listed in the above situation?
I understand paint and all supplies are deductible once the rental "STARTS" but what about prior?
Thanks for you postings!
Stevenf.
