Hello,
I think reading through this thread answers my question, but I just want to make sure I have it straight.
Timeline for our rental property:
2023/01 purchased property
2023/01-2024/04 spent a whole bunch of time and money fixing it up
2024/07-2025/02 rented out condo
2025/03 selling condo
If I understand correctly, any expense before 2024/07 or after 2024/02 cannot be used to offset our income from renting the property, only the expenses incurred during that time can count against income, is that correct?
The expenses from outside the rental time could only be used to offset any possible capital gains, is that also correct?
Thanks,
Bill
