Hello, looking for some help...
I live in CA and purchased a second home in GA. This home is an investment property and will be used as a rental. The home was purchased in Dec 2019, but I didn't get a renter in there until Feb 2020 and had no rental income in 2019. I also didn't make my first payment on the property until 2/1/20.
Here are my questions:
1. I know I will have to submit taxes for GA in 2020 because I will have rental income. I have no rental income in 2019, but do I still have to submit taxes in GA because I actually purchased the home in 2019?
2. Since I purchased the home in 2019, can I deduct anything this year that I paid as part of the purchase (prorated interest, taxes, etc.)?
3. I traveled to GA, installed new appliances, and made some repairs to the home in 2019 immediately after purchase to get it ready to list as a rental. Can I deduct these costs since they were accrued BEFORE the home actually had its first renter?
Thank you in advance for your help!
