In August 2019, I bought a rental property that was immediately advertised for rent. I didn't get good interest so I decided to take the property off the market and do some renovations to increase the marketability of the property. The renovations were complete in November.
Question 1: What should my date placed in service be: August or November? I selected November.
With that, I incurred expenses for various improvements and repairs between September and November.
Question 2: In the initial property details, I'm asked "Any property improvements made?" There's three fields: remodeling, room additions, and special tax assessments. Since I did remodeling, would I enter those costs I incurred between September and November? "Remodeling" is not defined, so what gets captured here: improvements or both improvements and repairs? Further, are these all my "remodeling" expenses made prior to the date entered into service?
