If I have owned a rental property for 17 years and repainted and replaced the flooring last year - are these improvements or repairs/maintenance?

[AnnetteB6 · Accepted solution]

You have one of each.  The repainting would be considered a repair and you can deduct the cost as a rental expense.  The new flooring would be considered an improvement and you would depreciate the cost as an Asset.

In general, a repair maintains the property in its 'as-is' condition or restores it to its 'as-was' condition.  An improvement makes the property more valuable or extends the useful life of the building.

Take a look at the following TurboTax article for more information:  How do I handle capital improvements and depreciation for my rental?