help! I have a 2 family house. The staircase of my unit (not the rental) needed to be repaired because it was becoming structurally unsound. The beam was cracking and we ended up replacing the entire staircase, $10K. Can I report this on my taxes? how and where would it get listed? thank you.
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No, any improvements you add to the personal portion of your home is added to the basis and can reduce the gain at the time of sale.
so it gets listed under Assets?
No. As the staircase rebuild is for your personal unit, you do not add it as an asset in the rental section.
You keep the cost in your tax records to add it to the cost basis of your property when you sell it.
Ok. this can get very confusing. Another "tax expert" told me that it would be considered a "major repair" for my unit, but wasn't seeing where to enter this information. So easy answer... it doesn't get listed at all on taxes. thank you.
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