Can I claim tax benefits on purchase/renovation-before it rents?

Buying & Selling Real Estate

Can I claim tax benefits on purchase/renovation-before it rents?

Daniel Alfandre

Flipper/Rehabber · MD · Member since 2019 · 58 posts · 7 votes

I purchased the property and renovated it in 2020 but won't rent it out until this year. Any tax benefits I can take in 2020? Thanks.

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Basit SiddiqiBusiness Member
Accountant · New York, NY · Member since 2015 · 8k+ posts · 4k+ votes
5y
@Daniel Alfandre

It depends on if the property was in livable condition and you tried to rent it out.
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Basit Siddiqi CPA4.880 Reviews
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