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Juichen930
New Member

When to report renovation cost on a rental property owned by LLC?

LLC bought a rental property in 2017 and did a major renovation until it can be put into service in March 2018. Is it correct to add up the total renovation cost (2017-2018) as capital assets to start depreciating on 2018? 

1 Reply
Coleen3
Intuit Alumni

When to report renovation cost on a rental property owned by LLC?

You can add the renovation cost to the basis of the building. It is a capital asset, but since you didn't start to rent until after the reno, you don't need to separate it.

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