I have a couple questions concerning assets for a residential rental property. Last year I installed a new roof, new windows, repaved the driveway, and renovated two bathrooms in my rental property.
As I understand it, the new roof, new windows, and renovated bathrooms are improvements to the structure and need to be depreciated over 27.5 years.
Is repaving the driveway considered land improvement? If so it appears, from Turbo Tax, that it qualifies for a special deduction?
Also, when entering these assets in Turbo Tax, I click on 'Add an Asset' button.
Next I choose 'Rental Real Estate Property'
From here the new roof, new windows, and bathrooms are entered in 'Residential Rental Real Estate' and the driveway repavement is entered in 'Land Improvements'? Does that sound correct?
Thanks.
