Re: Writing off Leasehold Improvements

pbmunkey · Mar 16, 2022 11:39:49 PM

I asked this question and got an answer saying that I CANNOT write it off since I do not own the house and another answer saying that the first answer is WRONG. I'm more confused than ever. Here's the question: I rented a home from someone 2 years ago and rented it out on Airbnb. I spent money putting in a new kitchen and driveway and have not fully captured the depreciation on the renovations. I returned the home to the owner in 2021 and walked away from the business. I would like to capture the rest of my depreciation. Would I dispose of this asset as a sale with a value of $0?

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Writing off Leasehold Improvements

@taxnomyown0328

It looks like you may be logged into the Canadian version of TurboTax but you are asking this on the forum for the US version of TurboTax. I suspect that is where the confusion is - I think you mean to be asking for guidance on the Canadian forum.