First Rental- Upgrades and taxes
I have wanted to get in to rentals for a while. Kept dragging my feet. Now I have to move and plan to rent out my current home.
Question- I planned to replace my front windows. Now I wonder if these could be claimed as repairs if a rental.
Can I replace these windows and claim as repairs as a deduction?
Does this get subtracted directly from the income I receive for rent?
I am still in the house. Can I do the repairs before a renter moves in?
Most Popular Reply
As far as I understand it, window replacement is defined by the IRS as an "improvement" and must therefore be depreciated over a time period. It is not considered an expense which could be deducted from your rental income. Disclaimer: I am no accountant or tax person.
Check out http://www.irs.gov/publications/p527/ch01.html#en_US_2010_publink1000218979