Refinishing basement- what can I claim in one year

[LittleScholars]

I think I understand the depreciation rule when it comes to this, but I'm wondering what gets lumped into the cost and what I can itemize this year. It seems clear to me that costs related to actual construction would be depreciated, but what about things like bathroom fixtures for the new bathroom? Does it come down to price or what is really considered construction?

Thank you!

[TomCopeland]

Depreciation

I think I understand the depreciation rule when it comes to this, but I'm wondering what gets lumped into the cost and what I can itemize this year. It seems clear to me that costs related to actual construction would be depreciated, but what about things like bathroom fixtures for the new bathroom? Does it come down to price or what is really considered construction?

Thank you!

Refinishing a basement would normally be considered a home improvement that must be depreciated over 39 years. Lump all expenses together as part of this remodeling, including bathroom fixtures. If the total cost of the remodeling is less than $2,500 you can deduct the business portion in one year. If the total cost is less than $10,000 you may still be able to deduct it in one year depending on the cost of your home. See my article on this:http://tomcopelandblog.com/when-can-...ed-in-one-year