Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 04-21-2017, 02:00 PM
Junior Member
 
Join Date: Apr 2017
Posts: 1
Question Can I put required bathroom renovation as expense?

Hello,

Can I put required bathroom renovation as expense and not as Depreciation?

Must note: Bathroom was ruin by previous tenant, therefore required bathroom renovation.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 04-22-2017, 03:13 AM
Moderator
 
Join Date: Oct 2010
Posts: 4,801
Quote:
Originally Posted by flash_os View Post
Hello,

Can I put required bathroom renovation as expense and not as Depreciation?

Must note: Bathroom was ruin by previous tenant, therefore required bathroom renovation.
No I do not think so; The general rule is that the cost of ?repairs? incurred to maintain your rental properties may be deducted from each property?s taxable income in a given year. However, some repairs are considered ?improvements? in which you?re not allowed to deduct the entire expense immediately. Repairs are usually one-off fixes that help keep the property in good working condition and habitable. Although the price is irrelevant, most of my qualifying repairs tend to be under $500 in cost. WHILE Anything that increases the value of the property or extends its life is categorized as a ?capital expense? and must be capitalized and depreciated over multiple years. Meaning, you can only deduct a small but even portion of these expenses in the current tax year



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Retired persons over 65 not required to file, any actions required? mark67 Filing Requirements 0 04-09-2017 10:46 AM
Can Auto Dealerships See Tax Benefits From Renovation? wallmann CPA Forums 0 12-31-2016 06:22 PM
Wash transaction related to Homestyle Renovation loan tpjohnson80 Miscellaneous 1 08-26-2016 04:36 PM
Am I Required Who is required to File a Form 1099 or Other Information Return? TaxGuru For 2016 2 03-30-2016 03:33 AM
deducting renovation expenses mickey7777 Rental Real-Estate 0 01-27-2010 11:37 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning