Renovation Costs Deductible?
I am getting conflicting advice on whether or not I can claim some of the $$$ we put out to renovating our 3 family brownstone. We upgraded electric , plumbing, redid the kitchens and bathes, and put in new windows and stairs. My previous tax guy told me to hold off from claiming the costs…
I am getting conflicting advice on whether or not I can claim some of the $$$ we put out to renovating our 3 family brownstone. We upgraded electric , plumbing, redid the kitchens and bathes, and put in new windows and stairs. My previous tax guy told me to hold off from claiming the costs until we had income from a tenant. Now that we have a tenant, my new tax guy is saying that we should have claimed last year and that the max allowed is $25,000.
Figuring out tax code always seems darkly mystical to me. Is there a site that gives general guidelines that a lay person can understand.
We own a three-family row house and I decided to do our taxes last year with Turbotax. They have a personal & business edition that will walk you through all your rental income and expenses and depreciation. I found it to be very straightforward and am doing it again this year.
While we were happy with our accountant, I always got the sense that they were just plugging the numbers in a software program also.
Has anyone else used Turbotax?
Irwin Weissman, Weissman & Rudnitsky, 212-869-9911.
DIBS — I agree with you about Albany bronwstones. Some beauties near Washington Park. Troy has a nice downtown (architecturally, not comenting on what’s actually there)and some decent housing stock, too. More importantly, you are right that some costs can get charged directly to the rental in one year and do not need to be amortized, including some items installed as part of a renovation. A good accountant knows where the line is and can maximize the advantage. OP would do well to contact your tax guy or mine.
Lee Schlussel and Neil Byalick at Lee Schlussel CPA are both great. They’re based in Westbury, but often visit clients in the boroughs. 516 997 9005. Thorough, sharp, tax code geniuses.
garylermancpa.com
you will not be dissapointed.
Oh yeah??? Well, you can send it in to my guy too! Only, I’d suggest an appointment the first time.
And Kingston homes are awesome! The ORIGINAL NYS capital has 1700’s stone houses, brick rowhouses and Queen Annes that would put Ditmas to shame!
I’ve never had to visit him for the tax work. They send out a packet around now to fill in all the information and everything else is phone/fax.
Albany has nicer brownstones than Kingston does . 😛
Ok, I wasn’t going to post my accountant because he’s upstate, but he’s even closer than DIBS’ guy, so I will….
Richard Merck in Kingston
845.331.9667
He does lots of real estate and knows his stuff. I just went yesterday. Might be difficult to get an appointment though.
All of this financial stuff is over my head. I just want to restore and decorate. That’s why I hire someone I trust to take care of it.
I have an excellent accountant upstate that I use. he’s a life-long friend and a Certified Financial planner but i only use him for my income taxes. being upstate, rates are very competitive
Don Carman
Albany financial Planners
518-482-5777
more accountant referrals would be greatly appreciated! ours was a maniac last year!
(seriously)