What if you have a rental property that has been profitable for 35 years but needs 25,000+ worth of work
in order to continue to rent it or sell it. Can 25K if expenses be deducted while renovating the property if you earn less than 100K of other income. How long can expenses be deducted during the renovation while not earning any income from the property.(How long can I take to do the renovation) I am guessing you can only deduct expenses if you continue to rent the property.
If it is sold rather than rented, are all of the expenses of renovation added to the basis?
