I have lived in my house for 10 years. We moved out and are converting it to a rental, but need to do some repairs and improvements first. These include: new carpet, new flooring in the master bathroom, some new light fixtures, new smoke detectors, and new paint. We are making these changes at the end of the year, and should have a renter in by the first of next year. 2 Questions:
- Can I deduct these repairs as "startup costs" to get ready to rent it out?
- If so, which tax year do I deduct from? I'm obviously incurring the costs this year, but won't have any actual rental income until next year.
Any other advice or things to consider are also welcome!
