Hello-
We own a vacation property that we have been actively managing as a short term rental for the past two years and filing as such on our Schedule E.
My question involves our potential plans to do some large renovations on the property that would essentially take it off of the short-term market for the current calendar year (2024). What would be the tax implications (as far as expenses incurred during the year) for a property that was previously placed into service but is currently unavailable for rent due to renovations/repairs?
