We're converting our homes basement into a B & B. Can we write off the construction costs as a deduction? The basement was already finished we just changed some flooring, added a small kitchenette in a corner and added a door to separate it from the house. We also purchased some beds, a small amount of furniture, dishes, appliances and art/decorations.
We did all the work in 2020 and it won't be ready until March 2021. How does that affect anything, if at all?
I appreciate your time.
