Updated 12 months ago on . Most recent reply
Are add-ons a capital expenditure?
Good day my BP family. It's been a few weeks since I reached out but I am moving into the remodeling phase on my property. Long story short, I have a 3 bedroom 2 bath single family house in the Virgin Islands. It has 2 detached structures and one of them includes another half-bathroom. For the remodel I am thinking of extending the main home (which would make it "L" shaped") to incorporate the detached carport and detached bedroom/bathroom. My question is, are add-ons considered capital expenditures, making them deductible? Thanks in advance.