Solved
Will be selling rental later this year. that's why I would like to do a one time cost. Do I have to take depreciation on a replacement roof?? Can I do a one time expense??
The IRS has taken a very strong position that a new roof must be capitalized and depreciated.
You may choose to include the cost as a repair. However, please be aware that if the IRS decides to take a closer look at your return in general or your schedule E specifically, they will disallow this as a deduction.
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.