2-part Rental Question:
1. I have Turbotax Deluxe Premier. Where do I input (Landlord's) Rental Expenses such as painting, flooring, plumbing etc.?
2. We took the year before the Pandemic to invest $5000.00 in refurbishing the Studio Apt. on our property, but held off renting DURING the Pandemic as we were quarantined for 13 months and are now ready to rent in 2021. Is this expense deductible?
You can't deduct any rental expenses until the property is placed in service and available to rent. Any major improvement is added to the basis of the property.
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