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roof replacement

pbk51
Level 2

Where can I enter a roof replacement for 23K on Pro Connect? Will it be an asset? It is an Asphalt Roof. It is a residential home.

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Accepted Solutions
qbteachmt
Level 15

Need more details.

If this is the taxpayer's personal residence, it doesn't get entered; it is part of their improvement and increases their basis (total invested) in this home. If this is a Residential home they manage as a rental to tenants, it is part of the improvements and changes basis and gets depreciated.

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2 Comments 2
qbteachmt
Level 15

Need more details.

If this is the taxpayer's personal residence, it doesn't get entered; it is part of their improvement and increases their basis (total invested) in this home. If this is a Residential home they manage as a rental to tenants, it is part of the improvements and changes basis and gets depreciated.

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Don't yell at us; we're volunteers
pbk51
Level 2

Thank you. 

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