grebde13
New Member

Can I write off any mileage and meals expenses while looking for my rental property? I closed escrow on my home on 12/22/17. I can write-off any maintenance I performed?

 
DianeW
Expert Alumni

Investors & landlords

Any maintenance or repairs that were paid for in 2017 can be deducted as part of your rental expense in 2017 assuming the property was available to rent in 2017, regardless if it was actually rented in 2017.

All your expenses while looking for your rental and after your purchased it (except property taxes and mortgage interest if you have one) paid BEFORE the property was listed as available for rent are simply added to the cost of your rental property (in your records). No additional entry in TurboTax is required.  This includes your "closing" expenses, such as appraisal costs, fire insurance, as well as your repair costs. The total amount is called adjusted basis (not just the cost, but the cost plus all your pre-rental expenses).

Once the property is available for rent, you may start depreciating the rental property and use the "adjusted basis" in the Sale of Property/Depreciation section. You can deduct your property taxes and mortgage interest, in the Deductions & Credits section, for pre-rental time frame. Once the rental is available, they are your rental expenses.

The TurboTax article will provide the information on other expenses that can be deducted for rental property. Click the blue hyperlinks for more information about how to enter based on the types of expense.

https://ttlc.intuit.com/replies/4209856

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