We started splitting our home into 2 apartments in January of 2020. We will continue to live in half of the house and rent out half for at least a few years.
As we are doing most of the work ourselves, its been a slower process than expected and we werent able to rent it out until 2021. We have $12,000 worth of receipts for capital improvements including building materials, electrician, plumber as well as appliances. How do I claim these on my 2020 return if I hadn't started getting rent yet in 2020? Can I take these as depreciation/deductions in the rental tab of TurboTax or would they be considered capital improvements on my personal home... since that is what is was until renting in 2021?
Thank you!
