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Investors & landlords
It depends. Replacing all of the flooring in a rental property is an improvement, not a repair. In contrast, mending a hole in a carpet is a currently deductible repair.
See this help article for more information and instructions on entering improvements to a rental property in TurboTax.
For further guidance on this issue, see IRS Pub. 527 - Residential Rental Property
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‎February 18, 2023
10:55 AM