Tax write off for MFR renovation

[Shawn Mcenteer]

This past year I spent somewhere around $30k in renovations for my MFR. Do I have to claim all of renovations for 2016 on my 2016 tax return or can I claim work completed for future tax years? My concern is my rental income will be more this year so I would prefer to right off on a larger income year to cut taxes owed down.

[Taylor Brugna]

Shawn M. Highly recommend talking to a CPA-my guess is that you won't be treating the whole 30k the same. General statement: If making the De minimus safe harbor election, repairs under $2500 can be expensed. Repairs over $2500 must be capitalized. The life will depend on the nature of the repair.

Hope this helps.