Originally Posted by Lovisa:
Hello, we are having to get quite a bit of plumbing work done on our home. It'll be upwards of around $14,000. How do I claim this? I'm assuming depreciation?
If the work represents less than half of the plumbing for your home, treat it as a repair and deduct your time-space% of the cost in one year. If it represents more than half of the plumbing for your home, treat it as a home improvement and depreciate it over 39 years. If it's not clear to you what less or more than half means, call me at 651-280-5991 and we can discuss it.