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My client indicated that she spent $45,000 on repairs on a rental property but I suspect some of it was improvement, how should it be handled

blh1218
Level 2

My client indicated that she spent $45,000 on repairs on a rental property but I suspect some of it was improvement, how should it be handled

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3 Replies 3
Accountant-Man
Level 11

Look up the rules on improvements versus repairs, extending useful life of an asset versus not extending versus new asset.

** I'm still a champion... of the world! Even without The Lounge.
Just-Lisa-Now-
Level 15
Level 15

You need to ask the client what was done.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Accountant-Man
Level 11

Duh.

** I'm still a champion... of the world! Even without The Lounge.