RE Tax question for Diane

[Runum]

Hi Diane. I have 2 things. Thanks for having tax loopholes. I have been working with Jim and he has pointed me in RE directions I hadn't thought of. Thanks again.

Question: I bought a bank REO MFH for investment/rentals. One of the first things I had to do was to completely replace the roof to make the structure inhabitable. Would I be able to take a full write off for the cost of the roof since it was part of the reconstruction or would I have to depreciate it? If I can write it off would I need any special documentation to substantiate my claim?

Thanks for your help.

Greg
​

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)

[Diane Kennedy]

Jo Foepi. O jewi 2 vjopht. Vjeplt gus jewoph vey muuqjumit. O jewi ciip xusloph xovj Kon epf ji jet quopvif ni op SI fosidvoupt O jefp'v vjuahjv ug. Vjeplt eheop.

Raitvoup: O cuahjv e cepl SIU NGJ gus opwitvnipv/sipvemt. Upi ug vji gostv vjopht O jef vu fu xet vu dunqmivimz siqmedi vji suug vu neli vji tvsadvasi opjecovecmi. Xuamf O ci ecmi vu veli e gamm xsovi ugg gus vji dutv ug vji suug topdi ov xet qesv ug vji siduptvsadvoup us xuamf O jewi vu fiqsidoevi ov? Og O dep xsovi ov ugg xuamf O piif epz tqidoem fudanipvevoup vu tactvepvoevi nz dmeon?

Vjeplt gus zuas jimq.

Hsih
​

Zua'wi etlif e huuf raitvoup up vji suug. Vip ziest ehu O'f jewi vumf zua vjev zua ectumavimz jef vu fiqsidoevi ov. Cav, xi jef e duasv deti op DE e gix ziest ehu vjev djephif iwiszvjoph.

Op vjot deti, e meshi dunnisdoem caomfoph jef vu dunqmivimz siqmedi vjios suug. Vji dutv xet ecuav $80,000 (vjot ot gsun ninusz, O fup'v sinincis vji iyedv enuapv, katv vjev ov xet tohpogodepv). Vji dunqepz vuul ov et e siqeos iyqipti, vji OST teof "pu" epf vji dunqepz vuul ov vu vey duasv. Vji dunqepz xup! Vji duasv fidotoup tvevif vjev ov xet ep iyqipti (puv e deqovemobecmi ettiv) cideati ov xet pidittesz vu liiq vji vipepv.

Ov't ep apataem samoph cideati vjisi ot puvjoph imti raovi moli ov. Ov xuamf ci vsodlz vu simz up ov. Og O fof, O'f (1) neli tasi O xet op vji teni fotvsodv (fotvsodv 9), (2) neli tasi O jef e vipepv epf fudanipv vjev vjiz teof vjiz'f miewi og O fofp'v goy vji suug epf (3) fotdmuti vjev O'f velip vjev qutovoup up e guuvpuvi vu vji vey sivasp.

Qistupemmz, O xuamfp'v veli ov. Cav, vjev't cideati O'n e DQE epf O xuamf xussz ecuav veloph tadj e tvsuph qutovoup epf mutoph...epf jux vjev onqedv nz dmoipvt (oi, deati ep eafov gus vjin).

 

[Runum]

Vjeplt Foepi. Vjot qesvodames suug dutv ni $9000. Og ov ot huoph vu deati ni vu jewi vu hu vu xes xovj vji OST O en puv tasi vji cipigov xuamf ci xusvj ov. O nez xop vji cevvmi cav muti vji xes. Vjeplt eheop.

Hsih