Igor owns a rental house and had to paint the living room, kitchen and bathroom after the most recent tenant moved out. The rooms had not been painted in the last five years and he worried he would not be able to rent it out to another tenant at the current fair market value if he didn’t repaint. The cost to repaint the three rooms was $1,500 ($1,000 labor and $500 paint). What amount, if any, can Igor deduct of this expense and on what form should it be listed?
Igor owns a rental house and had to paint the living room, kitchen and bathroom after the most recent tenant moved out. The rooms had not been painted in the last five years and he worried he would not be able to rent it out to another tenant at the current fair market value if he didn’t repaint. The cost to repaint the three rooms was $1,500 ($1,000 labor and $500 paint). What amount, if any, can Igor deduct of this expense and on what form should it be listed?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Igor owns a rental house and had to paint the living room, kitchen and bathroom after the most recent tenant moved out. The rooms had not been painted in the last five years and he worried he would not be able to rent it out to another tenant at the current fair market value if he didn’t repaint. The cost to repaint the three rooms was $1,500 ($1,000 labor and $500 paint).
What amount, if any, can Igor deduct of this expense and on what form should it be listed?
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