Property improvements can be done at any time after your initial purchase of the property. It does not matter if it was your residence or a rental at the time of the improvement. It still adds value to the property.
Does the above statement still apply in 2022/2023? I owned a home since 1999, in 2021 I did several improvements and repairs to prepare it for a rental. (I got remarried and moved to his home in Dec 2022). I publicly listed it for lease 12/16/22 with a note of an approximate available move-in date of 1/1/23 while the finishing touches were being completed. I finally got a tenant on 3/24/23.
I am struggling with what the current rules are as far as improvements. Can those done in 2021 count on this years taxes, or only those from 12/16/22 forward? Do I add them all up and enter the lump sum of the improvements to be depreciated over time?
