The rental was purchased in feb 15 but didnt get it remodeled and rented until 1/2017

[russellswift]

Can I go ahead with  all my expenses even though it was rented out in the same year as purchased?

[view2 · Accepted solution]

When you have just bought a rental property, any work you do to get the property ready for renting is classed by IRD as capital improvement, and is not fully deductible. You have to add the costs to the original purchase price, and depreciate the total (purchase price + improvement cost) [separate land value ,land is not depreciated]over the life of the property (from the date placed in service (ready to rent). .