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Investors & landlords
Under "RENTAL PROPERTY ASSETS, MAINTENANCE/CLEANING/REPAIRS DEFINED" you have mentioned "Repair expenses incurred are only deductible if incurred while the property is classified as a rental."
When do you say the property is classified as a rental? In my situation I "In Service Date" was 1/7/2022, but the renter moved in only by 2/10/2022. The days b/w 1/7/2022 to 2/9/2022 it was vacant. And during this vacant period I ran into bad weather and fence broke so had to repair it. After many showings needed to perform cleaning for the renter to move in. So would I be able to consider the cost of the repair and cleaning as maintenance / repair expenses?
‎April 4, 2023
3:30 AM