Question

I repaired a deck on a vacation rental home. Cost was $7,000. Where are those costs listed on schedule E - as repair or as new asset or otherwise?

Forum|Forum|5 years ago
February 1, 2021
1 reply
0 views

No text available

TurboTax Premier Online

An improvement is something that prolongs the useful life of an asset or adds to it's value.

In your case, if the deck will not last longer after the repair than it would have without the repair and the repair does not add to the value of the house, then you may be able to consider it a repair and write it off in the current period as an expense.

Otherwise, it would be an improvement. When you enter an improvement in TurboTax, you will see and option to claim it as an expense under certain circumstances.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"