We purchased a condo on a recreational lake in August, 2022, spent over $25k in repairs, painting, furniture, etc. to get it ready for rental short term rental use. We only earned $80 from the property in 2022. When populating everything on my schedule C, I see a loss of ($11,484), but didn't see any change in my overall taxable income.
Are the improvements to the condo not deductible or what am I doing wrong?
Thanks!
