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How do I classify a roof repair/replacement on rental property? Cost for repair/replacement was $9,270. Not sure if it should be a repair or an asset. Thank you

 
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georgesT
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How do I classify a roof repair/replacement on rental property? Cost for repair/replacement was $9,270. Not sure if it should be a repair or an asset. Thank you

You should classify as improvement to the property(increase the cost of the asset) and claim depreciation on the property.

Rental property is considered a depreciable asset, including major improvements such as new roofs, landscaping, refrigerators, water heaters, furniture, and so forth.

TurboTax Premier and Self-Employed (and Home & Business if you're using TurboTax CD/Download) will help you handle the ins and outs of depreciation. 

See the below answer to FAQ on how to depreciate your rental property:

https://ttlc.intuit.com/replies/5161635


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