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How do I account for the money I put in to my rent house in improvements and expenses in 2017?
I bought a house in 2017 that I intend to rent but I am still making improvements and won't make it available to rent until May 2018. This will be my first rental property. I created a single entity LLC for the rent and expenses associated with the property. Since I didn't make it available for rent in 2017, how do I account for the money I put in to it in improvements and expenses in 2017? Turbo Tax tells me Schedule E needs rental income in 2017 in order for me to enter my expenses. Secondly, I have a 1099-INT for $500 on my LLC checking account from a promo I got at the bank. Where do I enter this income?
‎June 4, 2019
3:38 PM