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steinhh
New Member

Does deducting rental property upgrades as expenses this year (items <$2,500) affect upgrades from prior years which are being depreciated yearly?

 
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4 Replies
Coleen3
Intuit Alumni

Does deducting rental property upgrades as expenses this year (items <$2,500) affect upgrades from prior years which are being depreciated yearly?

No. Each tax year is separate.

steinhh
New Member

Does deducting rental property upgrades as expenses this year (items <$2,500) affect upgrades from prior years which are being depreciated yearly?

Thanks for response but sorry, this does not answer my question. Will my upgrades from past tax years with ongoing depreciation be affected this year if I select this option for my current upgrades (in 2018)?
Coleen3
Intuit Alumni

Does deducting rental property upgrades as expenses this year (items <$2,500) affect upgrades from prior years which are being depreciated yearly?

No. The elections done in prior years are not affected by elections done on different assets in the current year.
steinhh
New Member

Does deducting rental property upgrades as expenses this year (items <$2,500) affect upgrades from prior years which are being depreciated yearly?

Ok, Thank you. That's what I needed to know.

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