We bought a house for a rental. We removed the carpet and refinished the hardwood floors. Do the associated costs (sand paper, lacquer thinner, polyurethane, etc.) qualify as an improvement?
You'll need to sign in or create an account to connect with an expert.
If you made all these changes before you made the house available for rent, then they get added into the basis of the house as an improvement.
If you refinished the floors after the house was made available for rent, then they are an expense, categorized as a repair.
This article explains more about how to categorize expenses for residential rental properties.
If you made all these changes before you made the house available for rent, then they get added into the basis of the house as an improvement.
If you refinished the floors after the house was made available for rent, then they are an expense, categorized as a repair.
This article explains more about how to categorize expenses for residential rental properties.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
CLPinTax
New Member
jmpeacock-sbcglo
New Member
ecbricker
New Member
DCDC2
New Member
gardineiro
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.