Expenses V/S Improments
Can anybody help?
A new heating unit because the old one was stolen!
New siding because the old siding was falling off. The previous owner had the siding put on wrong.
Are these improvements on the Schedule E or expenses.
Can a ac or siding job ever be considered an expense>?
A new heating unit because the old one was stolen!
New siding because the old siding was falling off. The previous owner had the siding put on wrong.
Are these improvements on the Schedule E or expenses.
Can a ac or siding job ever be considered an expense>?
Comments(0)
Repairing the AC is an expense. Replacing the AC is a capital improvement.
Same with the siding. Repair is an expense. Replacement is a capital improvement.
These improvements are on the Schedule E.as new assets in your depreciation schedule.
Thanks for you reply.
Has anyone used Turbo Tax online to do taxes...Schedule E, etc.>><<>?