Long story short. We converted our home to a rental property in August 2016. We owned and lived in the home since 2012.
From what I understand an improvement expense can be entered regardless of when it was done. IE my central AC system was installed in 2014, but I still put the expense in because it brings up the depreciation value? Do I understand that correctly?
Next is repairs. Obviously we've had repairs over the years since living in the house. Does this fall into the same circumstances? I have the receipts from all repairs done since we bought the house. But do I need to put those all in or is it only repairs since the unit became a rental. And further on that question, what about repairs made to make it ready for rental (the couple months prior to switching it to a rental property)?
