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blh1218
Level 3
June 9, 2020
Question

My client indicated that she spent $45,000 on repairs on a rental property but I suspect some of it was improvement, how should it be handled

  • June 9, 2020
  • 6 replies
  • 31 views

My client indicated that she spent $45,000 on repairs on a rental property but I suspect some of it was improvement, how should it be handled

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    6 replies

    Accountant-Man
    Accountant-Man
    Level 13
    June 9, 2020

    Look up the rules on improvements versus repairs, extending useful life of an asset versus not extending versus new asset.

    ** I am "Elevating with Intention!"
      Just-Lisa-Now-
      Just-Lisa-Now-Intuit Community Champion
      Intuit Community Champion
      June 9, 2020

      You need to ask the client what was done.

      ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
        Accountant-Man
        Accountant-Man
        Level 13
        June 9, 2020

        Duh.

        ** I am "Elevating with Intention!"
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