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2012 Tax Changes for Rental Property Expenses ?
Hi BPers,
I saw an accountant state that [b] rental property maintenance expenses
for plumbing repairs and painting may have to capitalized and depreciated over x years instead of a straight expense[/b] in the year it is done.
I know that putting in carpet should be depreciated.
So, if you buy a new stove, dishwasher, refrigerator, heater, a/c then these should be depreciated too ?
Is this something new for 2012 ?
Am I understanding this correctly ?
Please advise.
Best, LA Guy