Ordered the flooring May 1, knowing that I would be moving into the house in June and converting to my primary residence. Tenant left early, but paid through the end of the month. Can I take the cost of the flooring as a rental deduction or do I hold it until I sell the house?
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No - You cannot take the flooring as a rental expense since you were not keeping the house as a rental. You can, however, add it to the basis of the property to help reduce capital gain if you sell the house in the future.
No - You cannot take the flooring as a rental expense since you were not keeping the house as a rental. You can, however, add it to the basis of the property to help reduce capital gain if you sell the house in the future.
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