Re: 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 · ‎06-09-2020

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

Accountant-Man · ‎06-09-2020

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

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Just-Lisa-Now- · ‎06-09-2020

You need to ask the client what was done.

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Accountant-Man · ‎06-09-2020

Duh.

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EP3473 · ‎03-10-2022

Where do we enter home-improvement or repairs when the property has not been placed in service for renting. Repairs were done in 2021 but the house has not yet been rented.

abctax55 · ‎03-10-2022

F 4562

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Just-Lisa-Now- · ‎03-10-2022

If it hasnt been placed into service yet, it gets added to basis.

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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

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