- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
How do I deduct renovation expenses on an un-rented apartment?
I purchased a duplex as an investment/rental in 2015. I live in the upstairs apartment and plan on renting out the downstairs apartment. I spent all of 2016 renovating the downstairs apt. how should I deduct these expenses if I plan on renting out the downstairs apt. in 2017 (when the renovation will be complete)?
Topics:
2 Replies
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
How do I deduct renovation expenses on an un-rented apartment?
Expenses incurred prior to the unit being put on the rental market are not deductible. Renovation costs are added to the cost basis of the unit.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"

- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
How do I deduct renovation expenses on an un-rented apartment?
So I can only take into account these expenses whenever I sell the duplex?
Still have questions?
Make a post
Or browse the Forums