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Updated 9 months ago,
Primary Residence Rental during International Relocation
Looking for advice on how to maximize tax benefits on an upcoming conversion of my primary home to a long term rental (temporarily). I'll be moving for work on an international relocation in 1 year, and plan to keep my primary residence and rent it out (Assignment will be for 2-3 years). There are some improvements that i'd like to do to increase resale, and just general upkeep (ie- new tile floor in kitchen, replace fence that is end of life.
However, I believe i need to wait until i rent the property for those improvements to be tax deductible - is that correct? Anyone else have any recommendations on best way to manage this? Thanks!!
For information when we come back to the US we plan to sell this residence and roll equity into our next primary, so this is not a property i plan to keep as a long term rental.