- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Investors & landlords
Yes, you can do one of 3 things;
1- Add it to the cost basis of the home in December of 22 and depreciate it as part of the total cost of the home going forward.
2- Bonus depreciation usually applies to capital improvements to the property. In your case, however, it sounds more like repairs as this was being done to restore the shower back to it's original condition. Either way, you can deduct the entire amount. You may treat is as a capital improvement and take bonus depreciation for the whole amount. You may also consider it repairs and take the whole amount as an expense in 2022 which is the year you incurred it. If I were you, that's how I go, expense the whole amount as repairs and maintenance.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
March 2, 2023
8:54 AM