How do you add the renovations on a rental property so that they will be depreciated over time?
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Add the renovations as an asset. During the interview, you will be asked if you want to spread the depreciation over time, or take the amount all at once under the de minimis election.
To report your rental assets please follow these steps:
Property improvements are entered in the Assets/Deprecation section. More than likely all of your improvements will be classified as Residential Rental Real Estate and depreciated over time. De-minimus is usually not an option for a property improvement that becomes "A PHYSICAL PART OF" the property. Though there are rare exceptions. (No, a new hot water heater is not an exception.)
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