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Level 1

I installed a new boiler in a rental property last year for $14,000. I am selling the building and prefer to expense this not depreciate it. Is this an option?

 
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Level 1

I installed a new boiler in a rental property last year for $14,000. I am selling the building and prefer to expense this not depreciate it. Is this an option?

No this is not an option.  The new boiler is a capital improvement and cannot be expensed, it needs to be depreciated.  The cost of the boiler will be added to your adjusted cost basis for your rental property

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Level 1

I installed a new boiler in a rental property last year for $14,000. I am selling the building and prefer to expense this not depreciate it. Is this an option?

No this is not an option.  The new boiler is a capital improvement and cannot be expensed, it needs to be depreciated.  The cost of the boiler will be added to your adjusted cost basis for your rental property

View solution in original post

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Level 1

I installed a new boiler in a rental property last year for $14,000. I am selling the building and prefer to expense this not depreciate it. Is this an option?

thanks.  Not the answer I wanted to hear of course but it was the answer that I thought I would get Thanks for confirming
Level 1

I installed a new boiler in a rental property last year for $14,000. I am selling the building and prefer to expense this not depreciate it. Is this an option?

follow up question - if I can - when I sell the building what improvements can I use to adjust my cost basis? ONLY capital improvements ( ie things that were depreciated)  If I did improvements that were not depreciated but I have receipts, can I use these to adjust the cost basis also?