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Updated over 7 years ago,
Write offs for developing second home?
Can I write off all my expenses it takes to develop a second home that I intend to maybe Airbnb when I'm not there? Thoughts on this? I'm looking to subdivide my lot and build two single family homes on the Oregon Coast. I've accrued several expenses in the process. (Brush Clearing, Hotel stays, Surveying). I will get financing from the bank as a second home as it will be a second home. Construction will take 8-9 months and I just have a lot of expenses between now and getting to my final product. I will eventually maybe quick claim it into an LLC. Thoughts here, suggestions? Another thing is the final product may overlap this coming tax year and next. I'm just hoping to be able to write these expenses off some how.