I refi'd a home in 2017; Quicken required we refi as an investment property. Nobody lives in the house. Can I amend to deduct expenses like new carpet, windows, etc?

[lvaughn723]

My father passed away 30 years ago, so my mom put my sister and i on the deed to her home.  She passes 2.5 years ago.  My sister and i refied the house to do repairs, and quicken made us refi it as an "Investment Property" since nobody lives in the home.  We are considering renting it, but not until all repairs are done. 

I friend has a similar situation and she told me that I can deduct things like new carpeting, new windows, new heating, etc., plus the interstate travel expenses to get to the home.  Can I amend my taxes from 2016 to deduct these types of expenses?

[Critter · Accepted solution]

Right now it is just an investment property and the repairs/improvements are added to the cost basis.  If you ever rent the home out then the basis is used for the required depreciation.  Until it changes to a rental you cannot deduct the carrying costs but you could elect to capitalize them.... I recommend you seek local professional assistance getting this done correctly.