Yes, the IRS lets you deduct ordinary and necessary expenses required to manage, conserve, or maintain property that you rent to others. You are allowed to deduct these expenses even if your property is vacant, as long as you're trying to rent it. (Yes you are trying to rent it because that is why you bought it and fixing it up)
The expenses must be deducted in the year they are paid.
Now let's enter that rental:
- In TurboTax, search for rentals and then select the Jump to link in the search result.
- Answer Yes to the question Did you have any rental or royalty income and expenses in 2018 for property you own?
- Follow the on-screen instructions as you proceed through the rental and royalties section.
- We'll ask you to enter general information about your rental (like description, address, and ownership percentage).
- Eventually, you'll come to the Rental Summary screen, which is where you enter your rental income and expenses, assets and depreciation, and vehicle expenses.
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