What can I write off as far as mortgage and repairs on rental property?

[loyo]

I purchased rental property fixer last year 2016. I made 20k in repairs (not improvements). It wasn't ready/listed for rental until Feb 2017. First-time owner here.

[RichardG · Accepted solution]

The repairs you made to get the property ready to lease gets added to your basis in the property, so those are not immediate deductions, but are part of your overall depreciation deduction that commences this February when the property was ready to rent.

You can deduct the interest on the mortgage interest you paid in 2016.

[loyo]

Thank you! What about the monthly HOA expenses paid last year 2016?

[RichardG]

Deduct those as well

[loyo1]

Thanks, where does this amount get deducted for 2016?

[RichardG]

That gets reported as one of the expenses as you go through the interview for rental property.  When you come to the screen that asks "Any other expenses?" type in HOA dues and the amount for 2016

[loyo1]

I went through the questions and it asks me if I rented or attempted to rent the property in 2016, and when I marked "no" (due to repair work), it said i should delete it as a rental...