Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

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.

0 Cheers
1 Best Answer

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.

*******************************
"Level Up" is a gaming function, not a real life function.

View solution in original post

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.

*******************************
"Level Up" is a gaming function, not a real life function.
pbk51
Level 2

Thank you. 

0 Cheers