Writing off 100% of improvements first year

[Travis Frenchak]

Is it possible to write off 100% of the repairs/improvements in the first year instead of taking it over a longer term? I put about $70k into a buy and hold this year and would like to write it all off. I understand this may not be the most advantageous thing to do long term but I'm trying to save some tax money this year. 

[Ashish Acharya]

Originally posted by @Travis Frenchak:

Is it possible to write off 100% of the repairs/improvements in the first year instead of taking it over a longer term? I put about $70k into a buy and hold this year and would like to write it all off. I understand this may not be the most advantageous thing to do long term but I'm trying to save some tax money this year. 

Improvements are always capitalized regardless of the timing. That is before or after putting the property in service. There are some safe harbors to expense these improvements. 

Repairs can be deducted the same year if you did them after putting the asset in service. Repairs that are done to make the property ready for rent the first time have to be capitalized as well. 

If you itemize the total rehab, yes you can take 100% bonus depreciation on certain types of assets (eg. Appliances, land improvements, and such). You still have to capitalize them but can take the bonus depreciation.