Can a Vacant farmhouse, with unsafe electrical wiring from 1906, Knob and Tube and older plumbing issues, etc. have tax credits or can the Farmhouse be depreciated or deducted until it is rebuilt to safety standards? It would take several years to fix it up and is too unsafe. My sister was renting it until 2022.
When you place it in service as a rental, you will begin taking depreciation based on your adjusted cost basis -- that is, the price you paid, plus the cost of permanent improvements. So you can recover your improvement costs eventually, but only after the house is placed in service.
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