When logging an improvement for my rental property, such as a bathroom remodel, should I mark it as an asset purchased new?

It feels like yes as the material is new (e.g. installing new flooring), but I would like confirmation.

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1 Best answer

Expert Alumni

Feb 28, 2021 7:17:20 AM

Yes, it is new. The date would be the date it was completed. It will be depreciated over 27.5 years, the same as the building.

Expert Alumni

Feb 28, 2021 7:17:20 AM

Yes, it is new. The date would be the date it was completed. It will be depreciated over 27.5 years, the same as the building.