You'll need to sign in or create an account to connect with an expert.
You should claim a deduction for any start-up expenses in the tax year that the business officially opens. Please view the QuickBooks link below for more information.
https://quickbooks.intuit.com/r/taxes/3-tax-deductions-available-only-to-startup-businesses/
You will not be able to claim a deduction for capital improvements to your rental property on your 2017 tax return either since your rental property was not available for rent until 2018. Instead, you will increase the cost basis in your rental property which in turn will increase your depreciable basis (and increase the amount you will be able to claim as depreciation once your property became available for rent).
Click for more information about depreciation on rental property
You should claim a deduction for any start-up expenses in the tax year that the business officially opens. Please view the QuickBooks link below for more information.
https://quickbooks.intuit.com/r/taxes/3-tax-deductions-available-only-to-startup-businesses/
You will not be able to claim a deduction for capital improvements to your rental property on your 2017 tax return either since your rental property was not available for rent until 2018. Instead, you will increase the cost basis in your rental property which in turn will increase your depreciable basis (and increase the amount you will be able to claim as depreciation once your property became available for rent).
Click for more information about depreciation on rental property
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
sherryburke1206
New Member
ajv28
New Member
StephenBlue
Level 1
SelenaP
New Member
Keppy
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.