Question

We bought a house in 2016 to use as rental property. We spent money to renovate the property and although the renters didn't move in until 2017, can we claim this?

Forum|Forum|7 years ago
June 4, 2019
1 reply
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We do not have a mortgage payment on this house. I have all receipts to show the amount we spent fixing up the place, but since we did not receive any income on it in 2016, I didn't know how to note it on the tax return.

TurboTax Premier Online

B

bwa

Employee

Costs to renovate or repair a property to make it available for rent are not immediately deductible. Instead, they are added to the cost of the property and recovered through depreciation,.