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Question

Investment Property

Forum|Forum|2 years ago
February 2, 2024
1 reply
0 views

I bought a crappy house for cash and spent a lot of money making it a nice house. The house is intended to be a rental property. So big purchase and rehab expenses happened in 2023, but no income yet. Do I deduct the expenditures on 2023 taxes? Or wait until I can show income?

Thanks

Employee

I am not an expert. But almost all (if not all) of those expenditures are added to your cost basis for the property (when you sell). They are not deductible expenses.