Updated over 4 years ago on . Most recent reply
Taxes after a renovation! (1st time investor)
Hi all, writing today to make sure I am maximizing expenses/depreciation on my taxes. My wife and I bought a home, rehabbed the home (New floors, bathroom gut/remodel, new paint, new kitchen cabinet doors, countertops, appliances, lighting, transformed extra living space to 4th bedroom), and are now renting the home out. I under stand the profit/loss part of the taxes, but trying to figure out what needs to be depreciated vs expensed, and which one helps me out in a year where I spent 20k on a rehab... I've heard/read about accelerated depreciation, but not sure exactly how that works or if I'm eligible. This is my first tax season with an owned property and I want to make sure I'm ticked and tied before I file. Thanks for the help!