Purchased rental for $8200. New shingles, siding, windows, furnace, floors, appliances and deck. Can I include improvements in cost of rental?

Had hail storm which made us replace siding and shingles. Can I include that in the cost of the rental?

834

1 Best answer

Intuit Alumni

Jun 6, 2019 12:54:44 AM

Yes. All those costs can be added to the basis (the cost) of the rental property. This will reduce any gain when you sell the house down the road

[If you're referring to the amount of rent you charge, it will all depend on the rental market.]

Intuit Alumni

Jun 6, 2019 12:54:44 AM

Yes. All those costs can be added to the basis (the cost) of the rental property. This will reduce any gain when you sell the house down the road

[If you're referring to the amount of rent you charge, it will all depend on the rental market.]