- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
To follow-up on the comments from @Mike9241, your particular situation is complex. However, perhaps a good part of it will not apply to tax year 2021, because your property is not ready for rental use. As @Mike9241 explained, some of your costs will indeed need to be added to the cost basis of the cabin, and thus, will be part of your depreciation when the property is "placed in service." Here is an example from IRS Publication 527, Residential Rental Properties, which in part, relates to your situation.
- Example 2. On April 6, you purchased a house to use as residential rental property. You made extensive repairs to the house and had it ready for rent on July 5. You began to advertise the house for rent in July and actually rented it beginning September 1. The house is considered placed in service in July when it was ready and available for rent. You can begin to depreciate the house in July. Page 6 of IRS Pub. 527
Here is a link to IRS Publication 527 which you might find helpful. There are some other examples beginning at page 6 that you also might find helpful.
You are correct in that the option to speak with a Live Agent is only available in the TurboTax online products. Here is a link to a TurboTax article which will explain the process of obtaining a refund for the product you purchased.
How do I request a refund for my TurboTax product?
**Mark the post that answers your question by clicking on "Mark as Best Answer"