Also, if it is an asset that depreciates, then does it fall under "Residential Rental Real Estate", "Appliances", carpet, furniture", or "Land improvements"?
These remodeling costs (drywall & paint) would be considered "Residential Rental Real Estate" assets, however there may be a way to expense them.
Any improvements with a useful life of more than one year (e.g. deck, drywall, appliances, insulated windows, carpeting, kitchen cabinets/counters, bathtubs, tile-work, exterior paint) are entered as depreciable assets in the Assets/Depreciation interview screen found in Federal Taxes tab > Wages & Income category > Rental Properties and Royalties (Sched E) subcategory > Your Rental Summary.
You may, however, qualify to claim these improvements as expenses. See the attached screen shot for specifics.
There is no screenshot. Can someone please give more details on this? In my remodel I replaced (did not "repair") drywall, re-textured, and painted, how do I expense this? Is there a way to claim this for a shorter depreciation (5 years) or just expense it for the 1 year full claim?
Since you replaced the drywall, re-textured and painted, the expense needs to be depreciated as an improvement to the property.
From IRS Publication 946
If you improve depreciable property, you must treat the improvement as separate depreciable property. Improvement means an addition to or partial replacement of property that is a betterment to the property, restores the property, or adapts it to a new or different use.
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