Hi all,
I’m doing a gut rehab in a unit. Should all those transactions be under the ‘repairs and maintenance’ category, or simply all under ‘capital expenses-remodeling’. Everything going in is brand new.
Thanks!
@alex It’s unclear from the question whether your property is in-service yet and exactly what types of remodeling expenses are being incurred. Either way, Stessa is built to be flexible enough to handle different income and expense situations, but we do not provide specific tax advice. You’ll definitely want to check with your CPA for more information about how to handle this scenario.
Depends on how you are going to put them in on your taxes so definitely need to ask your CPA. In my case, I was recommended to categorize everything spent on the property (including trash haul away expense and utilities) before the date you list it as “for rent” as capital expense 27.5 years with the date in service dated when you list the property to rent (not when actually rented).
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