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taxes for rental: repairs or improvements- flood renovations
Posted on 1/3/18 at 12:39 pm
Posted on 1/3/18 at 12:39 pm
I have a mobile home rental that I bought after the flood, and remolded it. Can I write that off, or do I have to depreciate it?
I read normal repairs are deductible, and improvements can depreciate 15 years. Any cost of a dwelling depreciates for 27.5?
I read normal repairs are deductible, and improvements can depreciate 15 years. Any cost of a dwelling depreciates for 27.5?
1
Posted on 1/3/18 at 7:16 pm to Rust Cohle
To my understanding, the depreciation is what you take out on the front end in annual tax reporting. Money you put in for remodeling should be subtracted from capital gains taxes at selling.
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