Rented Rental Property Repairs and Improvements
This is a little complicated but I will be a short as possible.
I sold a family member a mobile home and have a lien on the title until paid. The mobile home sits on property that I own but was not part of the deal. The family member received a job offer in another city and moved. To insure I would get paid I rented the property back from the family member. The rental income will be around $26,000 for the year and the rent is less than half that. To get that much rent I had to do about $11,000 in repairs and improvements, mostly improvements to the home. Since the home is not mine do I have to deprecate over 5-27 years?
Work done: Insulation in attic, HVAC repair, new flooring, new tub, paint, lighting, some windows, appliances, and furniture.