Taxes: how to claim remodel
I just remodeled my duplex (new floors, trim, doors, cabinets, appliances, garage doors, paint, bathroom vanity/sink/mirror, toilet, closet doors, etc.). When filing my taxes, how do I claim this? Is it a repair? Is it to be depreciated over time?
The house was super old and needed updated. I live in Washington State. I’d love your advice!
Most Popular Reply
Cameron Sume: A suggestion about looking for a CPA. When interviewing CPA's please ask them if they work with RE investors and know how to maximize the deductions or depreciation on rental properties. Not all CPA's know this. I found this out the hard way. I was denied a loan because I showed the income however the "CPA" did not show the depreciation or most of the deductions on the rental property and yes shame on me for not catching it. (I am a trusting person since I was paying a "professional" to do the work) When I brought this up at the investors meeting some of the other investors found their returns were also lacking in this area. I went threw three "CPA" before I finally found one who knew what to do with the information however I am currently looking again since the one I found has passed away. Good luck in your search and I wish you the best year with your investing in 2022.