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Expenses before renting
My wife and I have an LLC and purchased a rental home. If possible, please provide references to IRS documents (e.g. publications) as part of your answer. How do we report expenses that we incurred before renting the property? Do we depreciate it or expense it? If we depreciate it, are we allowed to break out some of the major items separately (e.g. new HVAC, new flooring), or must it be rolled into the cost of the house?
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‎February 24, 2022
7:27 AM