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Level 4

Capitalizing Rental Property improvements

When capitalizing a new roof on a residential rental that was placed in service 20 years ago, do I list the "Property Type" as Residential Rental Real Estate for the new roof. Also, it asks me if I acquired the property after September 27, 2017. Is this referring to the new roof or the original rental property placed in service over 20 years ago? Thanks

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Expert Alumni

Capitalizing Rental Property improvements

You can enter the property type as residential real estate. 

 

This will result in the correct depreciation method. 

 

You acquired the property after Sept. 27, 2017 if you acquired the new roof after that date.

 

The question is referring to the new roof.

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2 Replies
Expert Alumni

Capitalizing Rental Property improvements

You can enter the property type as residential real estate. 

 

This will result in the correct depreciation method. 

 

You acquired the property after Sept. 27, 2017 if you acquired the new roof after that date.

 

The question is referring to the new roof.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

Level 4

Capitalizing Rental Property improvements

Hi Robert, thank you for clarifying this. Take care. 

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