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fertilitypro08
New Member

We bought a house in 2016 to use as rental property. We spent money to renovate the property and although the renters didn't move in until 2017, can we claim this?

We do not have a mortgage payment on this house.  I have all receipts to show the amount we spent fixing up the place, but since we did not receive any income on it in 2016, I didn't know how to note it on the tax return.
1 Reply
bwa
Alumni
Alumni

We bought a house in 2016 to use as rental property. We spent money to renovate the property and although the renters didn't move in until 2017, can we claim this?

Costs to renovate or repair a property to make it available for rent are not immediately deductible.  Instead, they are added to the cost of the property and recovered through depreciation,.

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