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Hello everyone
I own a rental property and I also live in it. I am trying to repair the roof and my understanding is that I can potentially deduct that cost (instead of using depreciation). I have two questions:
1. Is there a maximum amount that I can deduct each year? I seem have a hard time to find the accurate information.
2. If there is such a cap, if I finance the repair over a couple of years, can I distribute the deductible cost to the next couple of years to meet the cap?
Thank you so much for your input!
I own a rental property and I also live in it. I am trying to repair the roof and my understanding is that I can potentially deduct that cost (instead of using depreciation). I have two questions:
1. Is there a maximum amount that I can deduct each year? I seem have a hard time to find the accurate information.
2. If there is such a cap, if I finance the repair over a couple of years, can I distribute the deductible cost to the next couple of years to meet the cap?
Thank you so much for your input!
