Should I expense or depreciate an improvement such as a new front porch? I may intend to sell the rental this year. Thank you.
You'll need to sign in or create an account to connect with an expert.
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.
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.
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.
bobking13
New Member
Binoy1279
Level 2
in [Event] Ask the Experts: Tax Law Changes - One Big Beautiful Bill
lasersail12
Level 2
rita27
Level 1
shend004
New Member