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

Tammy Mason's profile image
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Tammy Mason
  • Investor
  • from Fontana, CA
  • Member since Aug 14, 2020
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Tammy Mason
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  • from Fontana, CA
  • Member since Aug 14, 2020
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Tammy Mason
  • Investor
  • Fontana, CA
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Tax, SDIRAs & Cost Segregation

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?

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Ashish Acharya
#2 Tax, SDIRAs & Cost Segregation Contributor
  • CPA, CFP®, PFS
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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. 

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