My rental property was having water issues, so I had sump pumps and french drains installed in order to mitigate and control the water. Is this considered an improvement or a repair in order to fix a problem my property has been having?
In addition, the cost was a few thousand dollars, so do I need to submit any forms like the 1099-NEC in order to get deductions for it?
If you hired someone to drain the water and fix the damage that part could be expensed. The installation of the pump, french drain, and plumbing however would be an improvement and therefore charged to the capital account.