Can I write this repair off for my rental property?
Question : Can I write this repair off for my rental property?
We live in California now. We own a house in Austin, TX that we currently rent out. We have a management company that handles the rent, repairs etc. Our mgmt company just called yesterday and said that our a/c compressor unit has completely gone on the blink and it’s going to cost $ 1700 for a replacement + labor to repair.
Can I write that $ 1700.00 off come tax time towards repairs or capital improvements for that property? Thanks.
austin property management
Best answer:
Answer by Kandy M
Sure can!
Absolutely.
If it’s a repair, you can write it off this year. If it’s an improvement, you’ll have to depreciate it (write it off over time; the time is set by the IRS).
You would not be able to do this for a personal residence.