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Are initial repairs to a rental property just purchased added to cost basis?
Hello I purchased a residential home to be a rental property which closed on 9-1-09. I performed many small repairs(replaced broken door knobs, dripping Faucets, brkn fence boards, had someone paint, clean carpets, etc) The property was available for rent on 10-1-09, but I continued to make minor repairs(exterior siding sprinkles etc) I probably made 3500 in repairs total. The house was rented 1-4-10. Im now figuring 09 taxes . My question is are these initial repairs added to my cost basis or deducted on schedule e? Mileage to from house to make repairs? is the cost for utilities for the entire 4 months deductible on schedule e? mortgage interest? I know I can only deduct depreciation for the period the house was available for rent. I know how to figure the cost basis. Im just not sure how initial repairs fit in. thanks ray
You can use schedule E to deduct everything you mentioned--but I think you should have a pro prepare your return...You will be amazed by the things you can honestly deduct..too many to list here...Then if an audit does come up--your book-keeper will have to sort out the problem..Dealing with the IRS on your own in an audit situation is about as comfortable as having a tooth yanked.
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InSinkErator SST-FLTR 2/3-Gallon Stainless Tank and Filtration System $199.00 The InSinkErator Stainless Steel Tank and Filtration System (SST-FLTR) saves time in the kitchen, delivering 200-degree-Fahrenheit near-boiling water from its compact 2/3-gallon tank. The tank delivers unmatched performance with its many features and benefits. The durable stainless steel construction means longer life, the adjustable thermostat gives you a water temperature that can be adjusted to... |
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Moen 104421 Cartridge Puller, For 1200, 1222 & 1225 Single Handle Cartridges $17.70 Moen 104421 Tool 1 Handle Crtrge Puller Crd... |
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Moen 1200 One-Handle Replacement Cartridge, Brass $14.00 Moen 1200 Crtrge Brass Crd fits all Moen 1 handle faucets (excluding Posi-Temp and ExactTemp) durable, high quality construction... |
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Moen DN7025 Home Care Adjustable Tub And Shower Seat, White $23.00 Finish:Chrome & White Durable, ADA-compliant designs combine function with a look that easily coordinates with the style of your bath. A broad selection of products and accessories deliver utility and peace of mind.... |