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I spent $2500 on repairs on my rental property. Is it economically feasible to purchase the upgraded program @ $120 for a relatively small deduction?

 
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2 Replies
ColeenD3
Expert Alumni

I spent $2500 on repairs on my rental property. Is it economically feasible to purchase the upgraded program @ $120 for a relatively small deduction?

If you have rental income and expenses, you would need to use the Premier program. Repairs are an expense already included in the program.

 

@richgood1433

Carl
Level 15

I spent $2500 on repairs on my rental property. Is it economically feasible to purchase the upgraded program @ $120 for a relatively small deduction?

If you have been using TTX to report your rental income/expenses on SCH E in the past, you don't need to upgrade. Repairs are already a deductible rental expense, assuming what you have is "in fact" a repair expense, and not a property improvement. Even if it is a property improvement, you still don't need to upgrade.

 

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