Rental Property Repairs

[roysparks]

I have a rental property that's been in service a few years. After the last tenant moved out, I had to do  extensive repairs before the property could be rented again. Are these deductible expenses or does the total cost of the "fix up" become part of the amount being depreciated?

[view2 · Accepted solution]

If you make repairs as part of an extensive remodeling or restoration of your property, the whole job is an improvement. In that case, you should capitalize and depreciate the repair costs as the same class of property that you have restored or remodeled.

You get the same deduction , however it is spread out over time.

At the "Your asset summary" page for your rental ; little grey button generally to the lower left of screen "add an asset" click it , 

After you click add an asset screen

"Describe This asset"

Select "Rental Real Estate Property"

Continue

Next screen:

'Tell us a little more About  your rental asset"

select "Residential Rental Real Estate"

Continue on out and in put data for a 27.5 year depreciated asset.

New carpet , appliances and inlaid are a 5 year property.

[roysparks]

Thanks for taking the time to answer my question. It is exactly what I needed to know with the added bonus of showing me how to to it.

[view2]

Your welcome