HOW do I add in Remodeling expenses on "schedule e" (Kitchen, Flooring, Appliances, New Roof, new gutters, etc)

I bought home for $180,000 - Remodeling cost $30,000 (Kitchen, flooring, roof, etc) I know schedule E is the appropriate form. Just not sure how to add all the Improvement and what the tax benefit is now and in the long run

508

Employee Tax Expert

Apr 8, 2019 8:07:40 AM

If you added the improvements before the property was placed in service, then you would add the remolding costs to the property's basis. Then the basis (excluding land) will be depreciated.

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HOW do I add in Remodeling expenses on "schedule e" (Kitchen, Flooring, Appliances, New Roof, new gutters, etc)