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I just had a discussion with my CPA regarding writing off expenses year 1 of ownership. I purchased a rental this year and have already incurred about 7k in repairs. He says I cannot write these off this year, but need to depreciate it over the years. Is this correct? I thought depreciation was a writeoff for 27.5 years for the value of building?
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Ashish Acharya
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Ashish Acharya
#2 Tax, SDIRAs & Cost Segregation Contributor
Tax & Financial Services
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- Florida
Tammy, if you did the repairs before placing the asset into service, it will be capitalized and depreciated.
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