According to Inman News, the IRS has released its long list of codes and how to’s for deducting expenses on residential rental properties effective for 2014. According to them, there may be pleasant surprises for owners of residential rentals and some commercial rentals too.
As always, there are caps to the deductions you are allowed to take, but it seems as though there will be some benefits too. You can check out the details of the IRS bulletin here. You may want to contact your accountant and see if now is a good time to complete some of the remodeling projects you have been putting off at your rental properties.