Very thorough....very appreciated.
YES, important to get it right straight out of the gate.
PROPERTY A
- closed in early November, 2019.
- improvements were made in December 2019 - Feb.20220
- costs were about $3k, w/about 1/3 of those receipts w/a 2019 date stamp.
- closing included taxes, insurance, capital contributions + condo fees
- montage interstate's accruals during 2019.
- property was listed w/agent to rent in 2019 ~ it was 'ready & available' to rent in 2019. (yea!)
PROPERTY B
- 1031 Exchange purchase (different topic stemming from this)
- closed in late November, 2019.
- improvements were made in December 2019 - Feb.20220
- costs were about $3k, w/about 1/3 of those receipts w/a 2019 date stamp.
- property was move-in condition when we closed. enhancements were not required.
that said, property b was not on officially on the market to rent until jan. 15th. property was in move0-in
condition from the very start.
Yes, currently have one as second home (possibly another as a vacation rental) with the thought of converting them to rentals for 2020 return.
How would acquisition costs handled in 2020 return, when purchase was 2019? "
We never lived in either property. New construction, move-in ready when we closed. We added some enhancements that were not available from the builder was all.
