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Updated about 3 years ago on . Most recent reply

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27
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6
Votes
Silas B.
6
Votes |
27
Posts

1st Rental Home - Capital Expenditures / Depreciation for Tax

Silas B.
Posted

Hi all!

Purchased our first rental home this year using a conventional loan. 

When it comes to (Taxes) Capital Expenditures - 

1) Is travel to remodel the house (had to fly and rent a car) considered part of CapEx?

2) Are utilities used during remodel considered part of CapEx? Or should they be deducted as expenses?

3) What about food while out of town for remodeling? (I did the work myself, so I had to buy food and gas while out of state).

3)The house has only been available for rent 8 days this year. Should I just start depreciation next year (house is not rented yet). So its "Available" but really its just been the end of the year.

Thanks in advance!

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