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multi unit rental property purchased and renovated in 2023 but won't be ready to rent until 2025.
Hi, I bought a two-family rental property in 2023 and had to gut it. The work is still ongoing now. I have had many expenses from holding costs, renovations, taxes, etc in both 2023 and 2024 but it wont be rented until 2025.
I want to confirm that the correct way to report these expenses for both years will be to wait until 2025 even to add the property to a return and add all of the expenses from the previous two years to the adjusted cost basis of the property on my 2025 return. Is that correct?
Thank you!
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‎October 15, 2024
11:25 AM