Is new hardwood floor installation considered a repair or improvement for rental property?

Forum|Forum|1 year ago
August 24, 2024
1 reply
0 views

We removed carpets from two bedrooms and installed hardwood in both rooms. Is this considered an improvement or repair? Can I write this off as an expense?

Best answer by Anonymous_

And once I enter it as an asset this is the next screen. I have no option to enter it an an expense.

@pearl12970 wrote:

And once I enter it as an asset this is the next screen. I have no option to enter it an an expense.

Do not enter it as an asset. Enter it as expense.

Once you indicate everything you bought cost $2,500 or less (on that screen) you should be done.

Go back to Expenses and enter the cost in that section under Miscellaneous Expense.

Anonymous_

Employee

If you could manage to get invoices for each room, or both, for $2,500 or less, you could deduct the entire amount under the de minimis safe harbor.

Otherwise, the installation of hardwood floors is on the order of an improvement.

pearl12970Author

$2500 for each room or both rooms cumulatively? How may I deduct the entire amount under the de minimis safe harbor? I didn't come across that option yet on Turbotax.