Renovation on first rental property

[Tim Lee]

I'm excited to be currently renovating my first rental property!  Apart from painting, replacing toilets, etc (and also addressing mold issues), the general contractor is also adding a wall to make the property a 3/2 again (prior owner took down a wall to make it a 2/2).  What documentation do I need from the general contractor to differentiate things that can depreciated vs. deducted?  I'm looking to meet with a CPA, but that's likely after the renovation is completed.  Thanks!

[Ashish Acharya]

Originally posted by @Tim Lee:

I'm excited to be currently renovating my first rental property!  Apart from painting, replacing toilets, etc (and also addressing mold issues), the general contractor is also adding a wall to make the property a 3/2 again (prior owner took down a wall to make it a 2/2).  What documentation do I need from the general contractor to differentiate things that can depreciated vs. deducted?  I'm looking to meet with a CPA, but that's likely after the renovation is completed.  Thanks!

Just an itemized Scope of Work detail.  However,  most of these would be capitalized unless you do some minor repairs after you advertise for rent. You should meet with your CPA first so that he can guide you before, not after when you cant change the timing.