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You can deduct the costs over time. Both items are considered capital expenditures, so must be depreciated over the life of the property (27.5 years).

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Q: If you replace a leaking roof and add a deck to your rental property can you deduct the costs on your taxes?
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Related questions

Can you deduct property taxes on a rental property?

Yes


Can I deduct the price of my property rental from my taxes?

If you are the one renting the property you can not deduct this from your taxes. If you are the landlord you can receive a deduction on your taxes for owning the property.


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You can't do that.


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Purchasing a rental property can be an excellent tax advantage, actually. YOu will be able to deduct most of your maintenance, repair, interest, taxes, and some travel expenses - similar to running a business, the costs of maintaing the home will be deducted from your actual rental income.


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Yes, rental income should be reported on Schedule E and the net profit or loss is transferred to Form 1040 and can offset income. Be careful of passive loss limitation rules though.


What is the Depreciation of a replacement air conditioning unit on rental property?

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