I bought a house which has an apartment above the garage. I live in the house. The apartment needed to be remodeled in order to be able to rent it. I started the remodel in 2017 and finished in 2018. Its now rented as of 2019. Can i deduct the 2017 and 2018 expense i incurred to remodel the kitchen, bathroom, new windows etc if i amend my returns? Rental property is not my primary business.
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You do NOT deduct the remodel expenses ... the entire cost is added to the property's basis and you must depreciate the asset in the year you start renting it.
You do NOT deduct the remodel expenses ... the entire cost is added to the property's basis and you must depreciate the asset in the year you start renting it.
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