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Level 2
April 18, 2023
Question

Where in the TT interview does my SE wife enter renovation expenses to depreciate?

  • April 18, 2023
  • 1 reply
  • 11 views
We started the renovation in 2022, final inspection was in Mar. 2023. She hasn't started using it for business, yet, we're working on it.

1 reply

Alumni - Champ
April 18, 2023

Depreciate in 2023  return, after it has been placed  in service

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Level 2
April 18, 2023

We started construction in 2022. We had about 1/2 of the construction expense in 2022. Where may I claim a deduction?

Level 15
April 18, 2023

You may not claim a deduction until it is placed in service.  At that point all of the expense is bundled into one value for the entire structure and depreciated based on its usage.  

 

@fastmehelp 

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