Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Tax, SDIRAs & Cost Segregation
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 2 years ago on . Most recent reply presented by

User Stats

125
Posts
94
Votes
Tammy Mason
  • Investor
  • Fontana, CA
94
Votes |
125
Posts

Time for a different CPA?

Tammy Mason
  • Investor
  • Fontana, CA
Posted

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?

Most Popular Reply

User Stats

4,079
Posts
3,255
Votes
Ashish Acharya
#2 Tax, SDIRAs & Cost Segregation Contributor
  • CPA, CFP®, PFS
  • Florida
3,255
Votes |
4,079
Posts
Ashish Acharya
#2 Tax, SDIRAs & Cost Segregation Contributor
  • CPA, CFP®, PFS
  • Florida
Replied

Tammy, if you did the repairs before placing the asset into service, it will be capitalized and depreciated. 

business profile image
INVESTOR FRIENDLY CPA®
4.9 stars
217 Reviews

Loading replies...