I know I should talk to an accountant, but I thought someone might have some basic thoughts on this. I bought a duplex in August. The apartment portion hadn't been upgraded in probably 20 years. So I updated the apartment, new kitchen, new floors etc.
The apartment had 70 year old hardwood floors in it. They had worn out, so I put new hardwood in. Since I'm only updating, and not upgrading anything, this is a current expense, correct?
I put new appliances in, so that's a CCA (class 8 I believe). What about kitchen cabinets? I merely replaced the old ones that were falling apart with new ones. I think this is a current expense under the theory that I'm just putting the apartment back to how it was. Thoughts?
What about tile in the bathroom (part of it was vinyl before, though there were some tile, so I think CCA) or toilet? I put in a low flow one, so CCA?
Thanks in advance. It's my first year with a rental suite, so I want to try and start doing it correctly.
The apartment had 70 year old hardwood floors in it. They had worn out, so I put new hardwood in. Since I'm only updating, and not upgrading anything, this is a current expense, correct?
I put new appliances in, so that's a CCA (class 8 I believe). What about kitchen cabinets? I merely replaced the old ones that were falling apart with new ones. I think this is a current expense under the theory that I'm just putting the apartment back to how it was. Thoughts?
What about tile in the bathroom (part of it was vinyl before, though there were some tile, so I think CCA) or toilet? I put in a low flow one, so CCA?
Thanks in advance. It's my first year with a rental suite, so I want to try and start doing it correctly.