I have a business and I need a large amount of storage space for consignments and supplies. I purchased a residential property in 2020. The property has both an attached and detached garage. I use the detached garage for storage of my business supplies. I have not yet rented the home as we are doing a lot of repairs. the person doing the repairs is living there now in exchange for rent. I have spent $25,000+ in supplies for the repairs - only a small portion apply to the detached garage.
What can I do for the best tax plan? Lease back the detached garage from the rental business to the consignment business setting up a separate schedule C for the rental business?
Is there any way to deduct the expenses on the home with no income?
