client made $ 40,000.00 in renovations in a residential rental property apartment
he occupies 1/3 of the property or 1 apartment
how much depreciation can he deduct besides the normal amount
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Were renovations done to the apartment he occupies ? If not then 100% of renovations would be depreciable. If yes, how much were the renovations to the apartments being rented ? Or use the same % for renovations as is being used for the building.
Were renovations done to the apartment he occupies ? If not then 100% of renovations would be depreciable. If yes, how much were the renovations to the apartments being rented ? Or use the same % for renovations as is being used for the building.
How much of the cost of the property were you depreciating before the renovations?
thank you for your response
Fener
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