How do I claim renovation costs for a basement I built in 2017 which I then I rented in 2017? I'm not sure if it's an expense or an asset/depreciation.

vince-sanchez · ‎June 4, 2019

MinhT · ‎June 4, 2019

Renovation costs for a basement cannot be claimed as an expense, but must be added as an asset to be depreciated.

In the rental section of Turbotax, add this renovation as an asset.

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MinhT · ‎June 4, 2019

Renovation costs for a basement cannot be claimed as an expense, but must be added as an asset to be depreciated.

In the rental section of Turbotax, add this renovation as an asset.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Do you have an Intuit account?