Question

I rented my property for the first time this year. Home improvements-Does this include all improvements I've done since I've owned it or improvements made this year?

Forum|Forum|5 years ago
March 16, 2021
1 reply
0 views

This is the first year I have rented this house. I have performed many home improvements over the years. Do I count all of these or just home improvements for this year?

TurboTax Self Employed Online

M

MAK70

You only want to include the improvements you made this year. For the ones you did before this year, you could add to the depreciable basis ( Your cost basis can also be adjusted over time -- this is your "adjusted basis." This includes the cost of improvements or additions you make to the property.) so you could deduct over time.