barbgreenx
Level 3
03-31-2021
03:10 PM
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Hello Pro Series Team
I have a client that has over 12 single family houses (rentals). I currently have a loss of
-17,799.00 with all properties combined. My final entry to make is a expense of $10,411
and $14,000. These expense are for major repairs to the sewer water line in the basement and
in the backyard of the property. Not sure if I should expense the repairs or depreciate it for 27.5
Thanks in advance
B Green
Labels
Level 15
03-31-2021
03:20 PM
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were they repairs or replacements?
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
PATAX
Level 15
03-31-2021
03:27 PM
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Those amounts are quite large so I would imagine it has extended their life beyond one year, IE they may be capitalized improvements... This is just my opinion...