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Deducting and Depreciating Expenses for Vacant Property
Hello, I purchased a single-family home in 2023 that will be rented to a tenant beginning in January 2024. Turbo Tax tells me that because it wasn't rented in 2023, it should not be listed as a rental. However, I had many expenses associated with improving and getting the property ready for tenants. Can any of these expenses be deducted or depreciated on my 2023 return?
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‎January 3, 2024
12:10 PM