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Remodeling Expense on Residential Rental Property

blh1218
Level 2

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 Comments 4
dkh
Level 15

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

abctax55
Level 15

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
blh1218
Level 2

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

 

dkh
Level 15

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