I made some major home improvements after purchasing my house. Three years later, I began to rent my house partly in a year. Can the past home improvements bring any tax benefit / deduction in the renting year? Thanks!
You will depreciate the home and the cost basis is the lesser of the fair market value at the time of the conversion OR the adjusted cost basis ( original purchase price + cost to buy + improvements while you owned the property - any adjustments like credits or prior depreciation taken ).
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