I hope I am making this too complicated?
Thank you wnhough for your answer about the lead paint abatement. Following your advice how does one go about capitalizing expensed? I bought materials throughout the year for improvements and in July spent the most for the lead abatement company. They finished in September and it passes certification September 8, 2017. I continued to buy materials and make improvements through the end of the year (I am still). On October 15, 2017 renters moved in. I would say the majority of improvements could be capitalized September 8, 2017 when it was ready to be placed in service. Please tell me how I enter the information? Do I have to make a separate asset for each receipt I have for materials that go into the capitalized improvement? If I wait until everything is done that means I may never get to capitalize the improvements I have spent money on. Also do I have to account for the $5250 grant money I received? Thanks again.
Last edited by Speedymdl : 03-14-2018 at 07:18 PM.
Reason: forgot something