Permanent home improvements - Flooring

[Cookt]

We replaced the flooring on the main floor, bathrooms, and laundry rooms with LVP. The kitchen, bathrooms, and laundry rooms were originally vinyl, the rest was carpet. The floors were 10-11 years old when we replaced them. Does this count as a permanent improvement? TT Help gives an example of adding carpet when there was none before. We did about the opposite (carpet to LVP).

Thanks.

[DaveF1006 · Accepted solution]

Yes, these are considered capital improvements and not expenses. If this residential property is added to the basis of the home. If it is a residential real estate property you rent, each item will be considered a depreciable asset and needs to be reported on its own depreciation schedule.