Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Remodeling Expense on Residential Rental Property

blh1218
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?

 

0 Cheers

This discussion has been locked. No new contributions can be made. You may start a new discussion here

4 Comments 4
dkh
Level 15

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

abctax55
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?

"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
0 Cheers
blh1218
Level 2

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

 

0 Cheers
dkh
Level 15

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