We bought an old cabin to start an AirBNB business.
We took out money from our primary to pay cash for the property. There is a very small window in which contractors and architects will come to look at or work on the property due to the snow. We missed that window last year. Things are slowly moving along this year. Additionally, compound on the fact that there is a shortage of contractors and architects. Because of all this, we have not been able to get the cabin to a habitable state. So, since 1/11/21, it has been seating there.
We are taking a loss of roughly, 1500/month. That's the difference in old and new mortgages for our primary after taking money out to purchase the cabin.
There are costs like structural architect drafting, dumpsters, miscellaneous tools, snow plowing service, etc. The list goes on and on.
How do we claim the losses? Can we?
We bought the Turbo Tax Home and Business and are now at the "Business" section:
We are lost and don't know if this is the section to enter it.
Any advise is appreciated!
