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Can I deduct capital improvements to a rental property that didn't actually get a renter until the second week of January?
I inherited my parents' house in January of last year and after months of clearing out their belongings and renovating just about anything, I contracted with a Management company in August to screen and place a renter. A couple of options fell through until a family moved in on January 13. Since I didn't actually have any income from the house in 2022, does that mean I can't claim any of the expenses on the property until next year? I'm very confused.
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‎January 23, 2023
9:58 AM