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  • Big Plumbing Bill

    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?

  • #2
    plumbing

    Originally posted by Lovisa View Post
    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.
    http://www.tomcopelandblog.com

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    • #3
      Originally posted by TomCopeland View Post
      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.
      Thanks Tom! Fairly certain it is more than half. Bummer!

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