744371
First year renting Home. It’s a small business I started that I provide services for through a managing company.
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No, expenses can only be reported when the unit is ready and advertised for rent. If you spent 70,000 to upgrade before the unit was ready to rent, add this to the basis of the property and depreciate.
You will report future rental income and expenses on a Schedule E.
No, expenses can only be reported when the unit is ready and advertised for rent. If you spent 70,000 to upgrade before the unit was ready to rent, add this to the basis of the property and depreciate.
You will report future rental income and expenses on a Schedule E.
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