1 Exterior paint averages $25-$40 a gallon, and a 3,000-square-foot home takes 15 or more gallons of paint, or $375-$600 just for the paint.
Construction-In-Process (CIP) Assets. A construction-in-process (CIP) asset is an asset you construct over a period of time. Create and maintain your CIP assets as you spend money for raw materials and labor to construct them. Since a CIP asset is not yet in use, it does not depreciate and is only in the corporate book.
You are required to capitalize and depreciate the following: 1  Improvements. 2  You must capitalize any expense you pay to improve your rental property. 3  An expense is for an improvement if it results in a betterment to your property, restores your property, or adapts your property to a new or different use. 4  Betterments.lthough the price is irrelevant, most of my qualifying repairs tend to be under $500 in cost. Whether youâre fixing a hole in the wall, or a unclogging a shower drain, you can deduct the cost of these minor repairs from the current yearâs tax liability.