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Updated over 3 years ago on . Most recent reply

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Amy Duffy
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Roof replacement question

Amy Duffy
Posted

We recently purchased our second home and will be keeping our first home as an investment property. The roof is being replaced through an insurance claim so our only out of pocket cost will come from our deductible. 

We are currently in the process of getting the property listed for rent and do not have tenants just yet. Ideally would replace the roof while it is vacant. My question is, can I depreciate the new roof on my taxes if it was done before actually earning rental income? Should we wait to replace the roof until we have renters? 


Thanks! New to BP!

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