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Updated over 6 years ago on . Most recent reply

User Stats

65
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15
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Shane Welch
  • Norfolk, VA
15
Votes |
65
Posts

Renovations on Taxes?

Shane Welch
  • Norfolk, VA
Posted

Hello, I recently purchased my first duplex and will begin renovations.  I plan to paint cabinets, get new fixtures and doors, and replace the old carpet with laminate planks, along with a few other smaller tasks.

How do I show these or catagorize these expenses?  I want to use Cozy for my expense manager but do you ahve any other suggestions? Are these improvments supposed to be "depreciated" over a number of years? and if so how do I calculate that and add it to my tax expenses?  

Thank you for your time!

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