I got a new roof on my rental property. Insurance covered 5772 less 1,000 deductible. Which amount do I put down for capital improvement on the roof?

1364

1 Best answer

New Member

Jun 1, 2019 5:53:09 AM

You would enter $1000 which is the total amount you paid.

New Member

Jun 1, 2019 5:53:09 AM

You would enter $1000 which is the total amount you paid.

New Member

Jun 1, 2019 5:53:10 AM

Does I have to list the roof as an asset or can I put it under miscellaneous expenses under the De Minimis Safe Harbor election?

New Member

Jun 1, 2019 5:53:12 AM

No, you will need to depreciate the roof. You will enter the cost as an asset and an improvement to the building.