tax deduction

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tax deduction (by Mike [OR]) Mar 26, 2019 10:34 AM

tax deduction (by JB [OR]) Mar 26, 2019 11:10 AM

tax deduction (by Kim [TX]) Mar 26, 2019 11:41 AM

tax deduction (by Pmh [TX]) Mar 26, 2019 4:01 PM

tax deduction (by Mike [OR]) Posted on: Mar 26, 2019 10:34 AM
Message:

State Specific Question About: OREGON (OR)

To sell a residential rental property I am required to decommission an unused heating oil tank. How would this be claimed as a deduction on federal income taxes? Would this be a repair or a capital improvement that would have to be depreciated over time?

--73.67.xxx.xx

tax deduction (by JB [OR]) Posted on: Mar 26, 2019 11:10 AM
Message:

I would take it as a repair. --24.20.xxx.xxx

tax deduction (by Kim [TX]) Posted on: Mar 26, 2019 11:41 AM
Message:

If you are selling the property then I would record it as a cost of sale- immediate deduction for the year the property sells. --23.30.xx.xxx

tax deduction (by Pmh [TX]) Posted on: Mar 26, 2019 4:01 PM
Message:

cost of sale. no depreciation to take: you won’t own the property anymore. --70.119.xxx.xxx

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tax deduction

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