Have a Tax Question? Ask a Tax Expert
I just get confused about all categories. Here is my biggest problem.
I bought a DUMP of a motel "the little 4 room" and I had to do a ton of work on it. I dont know how to figure out what is tax deductible and what isn't. I mean I understand that they say. If it is repairs then it is. but if it adds to the value or adds to the lifespan then it is depreciated. I guess I get that. but when everything that I did to this place was both repairs and adds to the value then how do I decide which is which?
what is your opinion if Quicken? Is it just like quick books?
Ok so then...
let me see if I got it.
If I gut a room that is falling apart new sheet rock, insulation, carpet, paint. it is all repairs.
but if i ADD a new bathroom it is added value.
now what if I put in a shower where there was a bathtub because the bathtub was bad and wanted a shower instead?
This is what I get out of it? what does UOP mean?
Well my question is what is the difference between rehabilitation and repair?
Sorry that's over my head?