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.
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1 Best answer
MinhT
Expert Alumni
Jun 4, 2019 6:08:57 PM
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.
1 Replies
MinhT
Expert Alumni
Jun 4, 2019 6:08:57 PM
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.