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I would like to know about upgrading a small office to rent…

Customer Question
I would like to...

I would like to know about upgrading a small office to rent if those upgrading expenses are deductible

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I wa

Accountant's Assistant: Is there anything else important you think the Accountant should know?

I own a small building on some commercial / residential property. I have been asked to rent it for small office but it needs repair upgrading

Submitted: 1 month ago.Category: Tax
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Answered in 56 minutes by:
1/5/2018
Tax Professional: Barbara, Enrolled Agent replied 1 month ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,759
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Repairs are expenses that are deductible.

Improvements add to the value of the property and must be depreciated over a number of years.

The following link contains excellent information you will find helpful:

https://www.thebalance.com/improvements-vs-repairs-2125241

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Barbara
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,759
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Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.

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