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Get your taxes done using TurboTax
Yes, it was rented all year. Since the property is treated as one unit for tax purposes then nothing has changed for this year.
The cost of renovations is a capital expenditure. You will capitalize and depreciate that once it is completed. So you can't do anything with those costs this year.
Everything else is just as it always has been. Your rental income was lower this year because only half the place was rented out. Which is accurate. Your expenses are higher because you had to pay utilities and those kinds of things.
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‎February 17, 2024
8:00 AM