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Updated over 10 years ago on . Most recent reply

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Roger Pauls
  • Oakland, CA
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Preparing taxes for a 4 family rehab

Roger Pauls
  • Oakland, CA
Posted

I did close to a complete rehab on a 4 family house spending 100k.

New roof, new boilers, all new apts w/ new windows but

most walls stayed.

Some wk was to patch up or skim coat existing walls, for example.

In the example above, how do you breakdown what is a capital improvement

and what is a repair for tax purposes?

Trying to come up with a number on what was spent on supplies is tough w/o going thru 2000 receipts.

Can I take a percentage of the money spent based on what would considered a normal range?

I have an acct but I'm looking for other opinions.

Thanks for the input.

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