558574
You'll need to sign in or create an account to connect with an expert.
When you have just bought a rental property, any work you do to get the property ready for renting is classed by IRD as capital improvement, and is not fully deductible. You have to add the costs to the original purchase price, and depreciate the total (purchase price + improvement cost) [separate land value ,land is not depreciated]over the life of the property (from the date placed in service (ready to rent).
When you have just bought a rental property, any work you do to get the property ready for renting is classed by IRD as capital improvement, and is not fully deductible. You have to add the costs to the original purchase price, and depreciate the total (purchase price + improvement cost) [separate land value ,land is not depreciated]over the life of the property (from the date placed in service (ready to rent).
To enter your rental income and expenses, including depreciation, go to:
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
ramseym
New Member
DallasHoosFan
New Member
eric6688
Level 1
alvin4
New Member
melillojf65
New Member