Lloyd Hudson Posted August 19, 2014 Report Share Posted August 19, 2014 Client has a rental in Great Britain. Did kitchen remodel for 7K usd intended to increase basis in property but do not know how to do it it in aTX 2013. Just increase original basis is going to change basis for all years. I think. Any notions? I thought to add asset and reduce recovery to match property. Doable? Quote Link to comment Share on other sites More sharing options...
Lee B Posted August 19, 2014 Report Share Posted August 19, 2014 I would just add a new asset called "kitchen improvements" and I believe the standard life for residential rentals would apply. 4 Quote Link to comment Share on other sites More sharing options...
Lloyd Hudson Posted August 19, 2014 Author Report Share Posted August 19, 2014 I would just add a new asset called "kitchen improvements" and I believe the standard life for residential rentals would apply. Thanks, I actually started that then second guessed myself. LOL This return always confuses me. He reports everything in pounds and I have to do the conversion. Keeps me thinking. Quote Link to comment Share on other sites More sharing options...
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