What will be considered as a tax write-off for rental property when doing home improvement projects. Does it have to be done by a contractor or may you do it yourself. Specifically, I am inquiring about floor-to-ceiling garage cabinets.
Capital improvements can be depreciated over the useful life of the property. The IRS provides the number of years of depreciation based on the category of the assets. Whatever you pay to install these cabinents will be the basis of these assets for purposes of depreciation. Talk with your tax accountant for more details of these rules. And yes you can do it yourself.
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