Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Apr 23, 2023 2:43:38 AM

For my rental property, I hired a contractor for renovation (new flooring and paint). When claiming capital cost allowance, under which class would they fall?

0 1 557
1 Replies
Moderator
Apr 26, 2023 4:00:00 PM

If the new floor that you installed is the same as or similar to what was originally there, this would be a current expense, and you would just claim the whole amount in one year.

 

If the new floor is substantially nicer than the old flooring you might be able to consider it a capital expense. In that case you would either add it to the CCA class of your building or put it in Class 8 (misc items).

 

Same for the paint job.