You'll need to sign in or create an account to connect with an expert.
Since these are all part of a kitchen remodel, you will treat this as a separate asset, with its own depreciation schedule. Go to the rental summary page and under assets/depreciation create an entry called Kitchen Remodel. Classify it as rental real estate>rental real estate. When it asks for the type of rental real estate, call it Kitchen remodel. Then enter $30,000 as the cost and the date the cost incurred. then finish out the section.
Thank you very much! I understand now. I had selected Rental Real Estate, but it seemed like a whole new house. I get that I can name it kitchen remodel. Appreciate your input.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
mitlm1
Level 2
dheyrend
Level 1
Polywog1
Level 1
eric_d_flaim
New Member
dheyrend
Level 1