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Depreciate or deduct as expense

jmb126502506 — Tue, 10 Mar 2026 07:01:48 GMT

House in a irrevocable trust that I am sole trustee needs some foundation work that may cost around $20,000. Does this have to be depreciated or can I deduct the total amount in the year the work was done as expense? Also since this is a company do I have to send them a 1099 for the amount that was paid?

Re: Depreciate or deduct as expense

OpeA1 — Wed, 16 Nov 2022 18:25:57 GMT

Hello jmb126502506

If the cost of the renovation is that large, you will have to capitalize the cost -depreciate it.

The general rule for issuing 1099s to a contractor: is that any amount over $600, they should be issued a 1099.

Thank you,

OpeA1