Related Posts
Saxo bank opening

More Posts
Warm Cinnamon Rolls to start the day.

Hi Guys,
Do Amex provide relocation expenses ?
How is job security in PwC India?
Additional Posts in The Real Estate Bowl
Thoughts on Fundrise?
Atlanta vs Savannah vs Tampa?
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.




A majority of your renovation expenses would go into the basis of your building and depreciated over 27.5 years once the house is placed into service (I.e. listed available for rent).
Subject Expert
You should ask a tax professional. The rules are a bit blurry around converting a personal residence into a rental property, and how expenses can be treated prior to putting the property into service
The general rule is you can only claim things that are 100% for your business. If you’re living there it’s likely not a business expense
That said, you need to talk to a tax professional
I am not a tax professional. But I deducted all the renovation expenses on a duplex I owned (where I lived on the top floor and later rented out). My personal experience, anyway.
Mentor
I did the same. My cpa disagreed with me. But also as a cpa my argument was that improvements to the upper improved the ability to rent the lower. Who would want to rent a unit under a rat infested sh*t hole? She said that was my sh*t hole.
How will that IRS ever know???!!!
As a landlord, in my experience with taxes, if you do the work and then rent a significant part of the year, you’ll be prompted to claim all the expenses. I agree with the advice to speak with a professional. If you’re going to be a landlord, then you’ll need people you can call anyway.