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The re-piping and re-wiring were done on two separate rental properties that have been continuously rented for for than twenty years.
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No the re-piping and re-wiring expenses for your rental properties are considered to be capital improvements and will be added to the cost basis of your properties and can not be deducted as an expense.
According to the IRS, capital improvements have to last for more than one year and add value to your property, prolong its life, or adapt it to new uses.
No the re-piping and re-wiring expenses for your rental properties are considered to be capital improvements and will be added to the cost basis of your properties and can not be deducted as an expense.
According to the IRS, capital improvements have to last for more than one year and add value to your property, prolong its life, or adapt it to new uses.
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