I can't seem to get a straight answer about this issue: I am a Real Estate broker and own a condo. In 2023 I conducted repairs and improvements to the property so that I could put it on the market for the *first time* in 2024. I claimed no deductions in 2023 for this work. Now I'm hearing different stories about if I can or cannot take any deductions, capital improvements or any tax benefits in year *2024* for those repairs and improvements done in 2023. Some people say that since I work in the business as a broker I can take some or all of the enhancments to the property executed in 2023 as depreciation going forward or write them ALL off as capital expenses over 27.5 years. Others say no I can't do that. Any sage advice much appreciated. Thank you.
