You can't claim the renovation expenses incurred to prepare your home for rental.
However, if you paid 100K for your home, for example, and did 50K in renovations, your home's Cost Basis is now 150K, which is the number you enter when you set up your rental property in TurboTax.
This gives you a much larger Depreciation deduction to claim as a Rental Expense each year. Save your receipts for documentation, if needed.
Here's more info on Depreciation of Rental Assets and Tax Tips for Landlords you may find helpful.
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