Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jun 6, 2019 6:03:28 AM

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

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.

0 6 796
1 Best answer
New Member
Jun 6, 2019 6:03:30 AM

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.

6 Replies
New Member
Jun 6, 2019 6:03:30 AM

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.

New Member
Jun 6, 2019 6:03:31 AM

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

New Member
Jun 6, 2019 6:03:33 AM

Deduct those as well

New Member
Jun 6, 2019 6:03:34 AM

Thanks, where does this amount get deducted for 2016?

New Member
Jun 6, 2019 6:03:36 AM

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

New Member
Jun 6, 2019 6:03:37 AM

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...