If it becomes part of the real estate, meaning you cannot take it with you and has a substantial life its capitalized. Expense over useful life of 7 years or length of lease if shorter. Painting is maintenance and expensed.
Arnie
__._,_.___----- Original Message -----From: Cris KellySent: 09/11/2008 1:09 PMSubject: [taxchat] carpeting
Does carpeting need to be capitalized, leasehold improvements, or is it considered a maint issue like painting?
I am going w/ that it is a leasehold, but I want to get some opinions.
Thanks – you guys are all great!!
Cris
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