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 generally depreciate the cost of business property that has a useful life of more than a year, but gradually wears out, or loses its value due to wear and tear, weather damage, etc. To figure out the depreciation on your rental property: 1  Determine your cost or other tax basis for the property.2  Allocate that cost to the different types of property included in your rental (such as land, buildings, so on).ou're allowed to reduce your rental income by subtracting expenses that you incur to get your property ready to rent, and then to maintain it as a rental. You report rental income and expenses on Schedule E, Supplemental Income and Loss. Schedule E is then filed with your Form 1040.