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Remodeling Expense on Residential Rental Property

Level 2

A person did some extensive remodeling on a  residential rental property at the cost  of $45,000.00, how is that $45,000.00 depreciated, using ProSeries Basic?


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4 Replies 4
Level 9

The remodeling expense would depreciate the same as residential rental - 27.5yrs.   

Level 15

What is the cost basis, exclusive of land, of this rental? And what is the $45000 as a percentage of that cost basis?

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Level 2

Do I have to use a separate Form 4562 or is there a way to add it on the existing 4562?


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Level 9

If you add this asset through Asset Entry Worksheet it will automatically flow to the Form 4562 where it will show in Part III Section B and the depreciation for the rental will be in Part III Section A.  All depreciation for the rental should be on the same Form 4562