Question

Major Improvements to a personal property which became rental later

Forum|Forum|7 years ago
June 1, 2019
1 reply
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I purchased a property in 2015 and did major renovations to it (bathroom, kitchen renovations & roof replacement) . I used the property for personal use for tree years. Starting 2018 I started renting it out and lived else where. Can I declare those renovations as major capital improvement on my 2019 tax statement to be amortized over the coming years ?

TurboTax Premier Online

M

MinhT1

As these improvements were made before the house was rented, you can add the cost of these improvements to the cost basis of the property to be depreciated.

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