Question
Capital Improvements
Would the value of the following items be considered improvements that can be added to the basis of a rental property:
- Wood shutters on all the windows;
- Floor-to-ceiling walk-in-closet wardrobe;
- Ceiling fans;
- Retractable awning;
- Wall mounted bathroom cabinet & shelf combo.
Although not an exhaustive list, the examples in IRS Publications 523 & 527 don't include any of the above. That said, the argument would be that they are improvements because they result "in a betterment" to the property, which is language from Publication 527.
