One more question...I received a $20,000 credit towards closing costs from the seller. That basically "covers" a lot of the transfer taxes and stuff that can no...
Thanks for all your advice, I'm learning a lot.I would say though, the more I think about it, I may be comfortable calling my property "ready and available" fro...
Got it. But in your example of fixing the door knob before converting to rental…it’s not deductible and it’s not able to be capitalized as part of basis…but cou...
Regarding this: "Section 1.266-1, in relevant part, essentially states that an expense can be added to basis (capitalized) if that expense is otherwise deductib...
...but then why does TurboTax Help say this?Expenses you pay to prepare a property for rent for the first time are not deductible because there has been no rent...
