I think general painting can be classed as maintenance, rather than capital.
So it would be a deduction if it is maintenance.
Reflooring I would think is capital and then therefore depreciated..
Either way you don't "recoup" your costs ever, no-one else is going to pay for those items, you do. Ok, the tenants do over time.
You don't get a lump sum back even for the items that are repair and maintenance, you only reduce your income by that amount. So at most you will get in reduced tax is 47% if you are on $180K+. But given you have probably not paid the tax for the income on the property yet, it means you will get no $ back, just less off of a tax bill.
Edited by JRA, 11 December 2012 - 11:00 AM.