I have a residential rental that was being rented out and I'm taking the depreciation deduction on it. Then the tenant moved out during 2023 and I decided to renovate it, which is taking multiple months. Does this property continue to be eligible for the depreciation deduction while it's vacant? What about other expenses such as yard maintenance/upkeep?
Also, I'm accumulating the total cost of improvements and also new appliances purchased to add those as depreciable assets once the unit is ready for another tenant. I assume new appliances aren't in service until the unit is advertised for rent, right?
Thanks 🙂
