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blh1218
Level 3
June 23, 2020
Question

Remodeling Expense on Residential Rental Property

  • June 23, 2020
  • 4 replies
  • 29 views

A person did some extensive remodeling on a  residential rental property at the cost  of $45,000.00, how is that $45,000.00 depreciated, using ProSeries Basic?

 

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4 replies

dkh
dkh
Level 15
June 23, 2020

The remodeling expense would depreciate the same as residential rental - 27.5yrs.   

    abctax55
    abctax55
    Level 15
    June 23, 2020

    What is the cost basis, exclusive of land, of this rental? And what is the $45000 as a percentage of that cost basis?

    HumanKind... Be Both
    B
    blh1218Author
    Level 3
    June 23, 2020

    Do I have to use a separate Form 4562 or is there a way to add it on the existing 4562?

     

    dkh
    dkh
    Level 15
    June 23, 2020

    If you add this asset through Asset Entry Worksheet it will automatically flow to the Form 4562 where it will show in Part III Section B and the depreciation for the rental will be in Part III Section A.  All depreciation for the rental should be on the same Form 4562

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