Hal_Al
Level 15

Get your taxes done using TurboTax

@moosedaddy50  said "bought a house in 2022, are still fixing it up and probably will sell it in 2023"

 

It sounds like you plan to "flip" the house as opposed to renting it out. 

 

First, you will need to determine if you are an investor or in the house flipping business. 

For more info, in making that determination, see a similar question at: 

https://ttlc.intuit.com/questions/3399983-tax-issues-regarding-flipping-of-a-house 

And references at:

https://www.hrblock.com/tax-center/income/real-estate/flipping-houses-taxes/

https://fitsmallbusiness.com/taxes-on-flipping-houses/  https://www.lendinghome.com/blog/how-to-maximize-house-flipping-tax-benefits/

 

Here's a similar question on the deductibility of the expenses you described:

https://ttlc.intuit.com/questions/4139770-i-am-flipping-a-property-to-sale-or-rent-if-the-house-does...