You'll need to sign in or create an account to connect with an expert.
When you began the rental process you were asked both for the basis (cost plus major improvments) and your Fair Market Value. Both are compared to determine the amount to depreciate. Your major improvments should have been reflected there.
Repairs that your made to your home while it was your personal property are not deductible. Repairs while a rental should have been taken as a deduction in the year they occurred.
When you began the rental process you were asked both for the basis (cost plus major improvments) and your Fair Market Value. Both are compared to determine the amount to depreciate. Your major improvments should have been reflected there.
Repairs that your made to your home while it was your personal property are not deductible. Repairs while a rental should have been taken as a deduction in the year they occurred.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
misschristian0711
New Member
margomustang
New Member
troona
Level 1
michael-marinaro
New Member
best_2
New Member