Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
diy_user
New Member

Should I expense or depreciate an improvement such as a new front porch? I may intend to sell the rental this year.

Should I expense or depreciate an improvement such as a new front porch? I may intend to sell the rental this year. Thank you.


1 Best answer

Accepted Solutions
AmyT
New Member

Should I expense or depreciate an improvement such as a new front porch? I may intend to sell the rental this year.

Any improvements that cost more than $2,500 and add to the value of the property or significantly increase its life are required to be capitalized (treated as assets) and depreciated.

You are able to expense any improvements that cost $2,500 or less.

TurboTax will walk you through adding any assets that you are required to capitalize and help you select the most appropriate useful lives and depreciation methods.

View solution in original post

3 Replies
AmyT
New Member

Should I expense or depreciate an improvement such as a new front porch? I may intend to sell the rental this year.

Any improvements that cost more than $2,500 and add to the value of the property or significantly increase its life are required to be capitalized (treated as assets) and depreciated.

You are able to expense any improvements that cost $2,500 or less.

TurboTax will walk you through adding any assets that you are required to capitalize and help you select the most appropriate useful lives and depreciation methods.

View solution in original post

diy_user
New Member

Should I expense or depreciate an improvement such as a new front porch? I may intend to sell the rental this year.

Thank you Amy.
AmyT
New Member

Should I expense or depreciate an improvement such as a new front porch? I may intend to sell the rental this year.

You're welcome.  Good luck with the property!
Dynamic AdsDynamic Ads
v
Privacy Settings