Rental home

[ragsplace]

I bought a house to be used as a rental home. It needs work before I can rent it. During this time period can I deduct the property taxes and insurance? Thank you.

[AmyC]

Separate items require separate answers. The insurance must be added to the basis of the house along with the other things you are doing. The property tax has options. You can either add it to the basis of the house or claim it on Sch A - it is subject to the $40,000 state and local tax so that may not be an option for you.