I'm at a lost at where to input my expenses/assets. Purchased the property in March 2021. Been doing complete remodel of the property myself (DIY) all through 2021 and into 2022 with the intention of renting in 2022. Majority of the purchases for materials are separate receipts and are typically below $2,500, with a few that are above such as countertop and cabinets.
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ALL of the hard costs for the improvements (your labor doesn't count) and carrying costs are added to the cost basis of the property and the total is depreciated in one place. The "safe harbor election" is not available to you since this is not a working rental yet. If you put the property into service in 2022 then the total cost will start being depreciated in 2022.
Do I need to breakdown the costs or can it be summed up?
Always keep good records however in the program you will only enter the total.
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