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New Member
posted Feb 2, 2024 2:01:19 PM

Investment Property

I bought a crappy house for cash and spent a lot of money making it a nice house. The house is intended to be a rental property. So big purchase and rehab expenses happened in 2023, but no income yet. Do I deduct the expenditures on 2023 taxes? Or wait until I can show income?

Thanks

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1 Replies
Returning Member
Feb 4, 2024 3:28:51 PM

I am not an expert.  But almost all (if not all) of those expenditures are added to your cost basis for the property (when you sell).  They are not deductible expenses.