We bought a house in November of 2016 and had expenses in 2016 to get it ready to rent. We received no rental income in 2016.
Since we have no rental income in 2016, states that I should not enter as a rental until 2017. However, if I do that, how do I deduct the expenses that were incurred in 2016?
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Expenses incurred to get a property ready for rental are not deductible as rental expenses. Rental expenses start only when the property is ready for rental and put on the market.
Improvements are added to the cost basis of the rental home and are depreciated.
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