Can I claim renovation expenses for a rental property on my income tax?
Thursday, August 20th, 2009 at
9:06 pm
When we bought this house, the back portion had already been converted into a separate unit, but it was in really, really bad shape. We spent some money fixing it up, making it suitable to rent again. (Most of which was with Home Depot cards, etc.. as we figured the rent money from the tenants would pay these off anyway). We have been providing our tenants with monthly receipts, and will be claiming the income on our taxes, I am wondering if we can deduct a portion of the renovation costs? Or if there are any other deductions we can make, having a rental unit at the back of the house.. (we also live in the house, though it is a completely separate unit all of the heat and hydro to the unit is also separate).
Real Estate Professionals
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Tagged with: Home Depot • Income Tax • Receipts • Renovation Costs
Filed under: property renovation
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Usted puede sure. Ser
Thats a Good Question. I would generally say yes, but I really Dont know. Best to check with a real estate agent.
Si usted pasara el dinero en el protion alquilado de la característica, usted demandaría las renovaciones como costo actual si usted era trae la característica de nuevo a su condición original. Si usted hiciera las renovaciones para crear una unidad de alquiler, o mejorar la unidad (como el reemplazo de ventanas enmarcadas de madera por el vinilo), después éstos costados serían agregados al coste de capital de la característica, y la deducción sería extendida por un número de años (generalmente 25).