large expenese to repair drainge, can I take multi year deduction?

[AmyC]

Maybe. The IRS has a test to determine if repair or improvement. A repair is expensed at once while an improvement is spread out. Two improvements that may apply to you:

• Betterment - does it make the property better
• Restoration - replacing a major structural component or fixing a long term period of decay.

Depreciation:

• Residential rental -27.5 years
• Commercial property - 39 years
• Land improvement can be classified as a 15 year property within the rules

See Pub 946

[AmyC]

Maybe. The IRS has a test to determine if repair or improvement. A repair is expensed at once while an improvement is spread out. Two improvements that may apply to you:

• Betterment - does it make the property better
• Restoration - replacing a major structural component or fixing a long term period of decay.

Depreciation:

• Residential rental -27.5 years
• Commercial property - 39 years
• Land improvement can be classified as a 15 year property within the rules

See Pub 946

[Mike9241]

No deduction for personal residence, but a betterment or restoration would add to the tax basis to reduce gain when sold.